Parex Resources (TSE:PXT) Trading Down 5.3%

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Parex Resources Inc. (TSE:PXTGet Rating)’s share price dropped 5.3% during trading on Monday . The stock traded as low as C$22.00 and last traded at C$22.47. Approximately 282,479 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 601,195 shares. The stock had previously closed at C$23.74.

Several analysts have issued reports on the company. Scotiabank boosted their price objective on Parex Resources from C$37.00 to C$38.00 in a report on Wednesday, June 8th. Stifel Nicolaus boosted their price target on Parex Resources from C$40.00 to C$42.00 in a research note on Thursday, May 12th. Finally, Cormark lifted their target price on shares of Parex Resources from C$36.00 to C$40.00 and gave the stock an “outperform” rating in a report on Monday, April 18th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$36.71.

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.84 and a quick ratio of 1.77. The stock’s 50 day simple moving average is C$26.21 and its two-hundred day simple moving average is C$25.54. The stock has a market cap of C$2.59 billion and a P/E ratio of 5.24.

Parex Resources (TSE:PXTGet Rating) last issued its earnings results on Wednesday, May 11th. The company reported C$1.63 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.29 by C$0.34. The firm had revenue of C$523.94 million for the quarter. As a group, analysts forecast that Parex Resources Inc. will post 6.9899402 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 30th will be given a dividend of $0.25 per share. This is a boost from Parex Resources’s previous quarterly dividend of $0.14. The ex-dividend date is Tuesday, June 14th. This represents a $1.00 annualized dividend and a yield of 4.45%. Parex Resources’s dividend payout ratio is currently 7.17%.

In other news, Senior Officer Wayne Kim Foo sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of C$27.76, for a total transaction of C$1,388,000.00. Following the completion of the sale, the insider now owns 200,000 shares of the company’s stock, valued at approximately C$5,552,000. Also, Director Sigmund Cornelius bought 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 28th. The stock was purchased at an average price of C$27.23 per share, for a total transaction of C$136,150.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at C$136,150. Insiders have sold 62,500 shares of company stock valued at $1,731,500 in the last ninety days.

Parex Resources Company Profile (TSE:PXT)

Parex Resources Inc engages in the exploration, development, production of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 6,521,632 gross acres. As of December 31, 2021, it had proved plus probable reserves of 198,825 million barrels of oil equivalent.

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