Parex Resources (TSE:PXT) Sets New 52-Week High – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price reached a new 52-week high on Wednesday . The stock traded as high as C$28.82 and last traded at C$28.53, with a volume of 349244 shares. The stock had previously closed at C$27.38.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada lifted their price objective on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of C$23.30.

Parex Resources Stock Down 2.6%

The firm’s 50 day moving average is C$25.43 and its two-hundred day moving average is C$21.12. The firm has a market cap of C$2.68 billion, a P/E ratio of 10.64, a price-to-earnings-growth ratio of 0.21 and a beta of 0.02. The company has a current ratio of 1.11, a quick ratio of 1.45 and a debt-to-equity ratio of 2.16.

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

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th were paid a $0.385 dividend. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.54 dividend on an annualized basis and a yield of 5.5%. 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.