Parex Resources (TSE:PXT) Sets New 1-Year Low – Here’s What Happened

Parex Resources Inc. (TSE:PXT) shares hit a new 52-week low on Thursday . The company traded as low as C$10.30 and last traded at C$11.96, with a volume of 651522 shares trading hands. The stock had previously closed at C$10.58.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PXT shares. BMO Capital Markets upped their price objective on Parex Resources from C$14.00 to C$16.00 in a research note on Wednesday, January 15th. Royal Bank of Canada increased their price objective on shares of Parex Resources from C$15.00 to C$16.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of C$20.21.

Parex Resources Price Performance

The firm has a 50 day simple moving average of C$13.41 and a 200-day simple moving average of C$13.72. The company has a market cap of C$839.04 million, a PE ratio of 3.27, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 18th were given a $0.385 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.54 dividend on an annualized basis and a yield of 12.88%. Parex Resources’s dividend payout ratio is currently 42.12%.

Insider Buying and Selling at Parex Resources

In other news, Director Sigmund Cornelius acquired 5,000 shares of Parex Resources stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of C$12.61 per share, with a total value of C$63,063.00. 1.64% of the stock is currently owned by corporate insiders.

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.