Mackie Downgrades Parex Resources to Hold (PXT)
Parex Resources (CVE:PXT) was downgraded by research analysts at Mackie from a “buy” rating to a “hold” rating in a report released on Thursday, American Banking & Market News reports. They currently have a C$10.75 price objective on the stock, up from their previous price objective of C$10.50. Mackie’s price target suggests a potential upside of 3.46% from the stock’s previous close.
Parex Resources (CVE:PXT) traded up 4.81% during mid-day trading on Thursday, hitting $10.89. The stock had a trading volume of 757,162 shares. Parex Resources has a 52-week low of $4.05 and a 52-week high of $10.44. The stock’s 50-day moving average is $9.30 and its 200-day moving average is $7.31. The company has a P/E ratio of 83.79.
A number of other firms have also recently commented on PXT. Analysts at FirstEnergy Capital raised their price target on shares of Parex Resources from C$12.00 to C$13.50 in a research note on Thursday. Separately, analysts at Dundee Securities raised their price target on shares of Parex Resources from C$12.00 to C$12.50 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Canaccord Genuity upgraded shares of Parex Resources from a “hold” rating to a “buy” rating in a research note on Friday, March 21st. They now have a C$10.50 price target on the stock, up previously from C$9.00. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of C$11.06.
Parex Resources Inc (CVE:PXT) is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region.
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