Scotiabank Reaffirms “Focus Stock” Rating for Parex Resources Inc. (PXT)
Parex Resources Inc. (TSE:PXT)‘s stock had its “focus stock” rating reaffirmed by analysts at Scotiabank in a report released on Thursday. They presently have a C$23.00 price target on the stock. Scotiabank’s price objective would suggest a potential upside of 46.31% from the company’s previous close.
Separately, Eight Capital reduced their target price on Parex Resources from C$24.50 to C$22.00 in a report on Wednesday, September 27th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of C$21.69.
Parex Resources (PXT) traded down 1.19% during midday trading on Thursday, reaching $15.72. The company had a trading volume of 651,400 shares. The stock has a market capitalization of $2.43 billion and a price-to-earnings ratio of 542.07. The company has a 50-day moving average price of $14.24 and a 200-day moving average price of $15.35. Parex Resources has a one year low of $12.19 and a one year high of $18.22.
In related news, insider Eric Furlan purchased 3,000 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were purchased at an average cost of C$13.25 per share, with a total value of C$39,750.00. Over the last three months, insiders bought 4,174 shares of company stock worth $55,728.
About Parex Resources
Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.
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