Scotiabank Boosts Parex Resources (PXT) Price Target to C$28.00

Parex Resources (TSE:PXT) had its target price upped by Scotiabank from C$27.00 to C$28.00 in a note issued to investors on Wednesday. The brokerage presently has a “focus stock” rating on the stock. Scotiabank’s target price indicates a potential upside of 58.73% from the company’s previous close.

Several other research firms also recently commented on PXT. CIBC upped their target price on Parex Resources from C$22.50 to C$25.00 in a research report on Tuesday, January 23rd. Eight Capital upped their target price on Parex Resources from C$23.00 to C$30.00 in a research report on Monday, December 11th. Finally, Royal Bank of Canada upped their target price on Parex Resources from C$20.00 to C$24.00 and gave the company an “outperform” rating in a research report on Friday, November 10th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of C$24.13.

Shares of Parex Resources (PXT) traded down C$0.89 during midday trading on Wednesday, reaching C$17.64. The company’s stock had a trading volume of 556,360 shares, compared to its average volume of 488,949. The firm has a market capitalization of $2,780.00, a P/E ratio of 42.85 and a beta of 0.65. Parex Resources has a 1 year low of C$12.19 and a 1 year high of C$19.86.

Parex Resources (TSE:PXT) last posted its earnings results on Tuesday, November 7th. The company reported C$0.44 EPS for the quarter, beating the consensus estimate of C$0.26 by C$0.18. Parex Resources had a return on equity of 27.78% and a net margin of 37.80%. The company had revenue of C$200.60 million for the quarter, compared to the consensus estimate of C$194.33 million.

In related news, insider Eric Furlan sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of C$17.90, for a total value of C$89,500.00. Also, insider Michael Kruchten sold 3,842 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of C$17.96, for a total value of C$69,002.32. Over the last quarter, insiders sold 18,842 shares of company stock valued at $338,802.

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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.

Analyst Recommendations for Parex Resources (TSE:PXT)

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