Parex Resources (TSE:PXT) Sets New 52-Week High – Time to Buy?

Parex Resources Inc. (TSE:PXT)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as C$28.26 and last traded at C$28.23, with a volume of 493474 shares. The stock had previously closed at C$27.08.

Wall Street Analyst Weigh In

PXT has been the subject of several recent analyst reports. Royal Bank Of Canada lifted their price target on Parex Resources from C$23.00 to C$28.00 and gave the stock a “sector perform” rating in a research report on Friday, March 13th. Roth Mkm set a C$24.00 price target on Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Jefferies Financial Group boosted their target price on shares of Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Parex Resources currently has an average rating of “Moderate Buy” and an average target price of C$22.50.

Parex Resources Trading Down 4.9%

The stock’s 50-day simple moving average is C$22.85 and its two-hundred day simple moving average is C$19.96. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.11 and a quick ratio of 1.45. The firm has a market capitalization of C$2.50 billion, a P/E ratio of 9.92, a price-to-earnings-growth ratio of 0.21 and a beta of 0.63.

Parex Resources (TSE:PXT) last announced its quarterly earnings data on Wednesday, March 4th. The company reported C$0.43 EPS for the quarter. The firm had revenue of C$223.53 million for the quarter. Parex Resources had a net margin of 26.85% and a return on equity of 13.39%.

Parex Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 25th were given a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Wednesday, March 18th. Parex Resources’s payout ratio is presently 42.29%.

Parex Resources Company Profile

Parex Resources Inc engages in exploration, development, and production of crude oil. The company brings technology utilized in the Western Canada Sedimentary Basin to South American basins with large oil-in-place potential. Majority of the company’s properties are focused in Colombia, where it pays a royalty or tax to the government for its operations. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.