Parex Resources Inc. to Post FY2017 Earnings of $1.18 Per Share, Cormark Forecasts (PXT)

Parex Resources Inc. (TSE:PXT) – Equities researchers at Cormark boosted their FY2017 earnings per share (EPS) estimates for Parex Resources in a research report issued on Wednesday. Cormark analyst G. Ursu now expects that the company will post earnings of $1.18 per share for the year, up from their previous forecast of $1.13.

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

Several other research firms have also recently commented on PXT. CIBC raised their price target on shares of Parex Resources from C$22.50 to C$25.00 in a report on Tuesday, January 23rd. Scotiabank set a C$27.00 price target on shares of Parex Resources and gave the stock a “focus stock” rating in a report on Thursday, January 11th. Royal Bank of Canada raised their price target on shares of Parex Resources from C$20.00 to C$24.00 and gave the stock an “outperform” rating in a report on Friday, November 10th. Finally, Eight Capital raised their price target on shares of Parex Resources from C$23.00 to C$30.00 in a report on Monday, December 11th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of C$24.29.

Parex Resources (TSE PXT) opened at C$17.56 on Thursday. Parex Resources has a fifty-two week low of C$12.19 and a fifty-two week high of C$19.86. The company has a market cap of $2,710.00, a PE ratio of 42.83 and a beta of 0.65.

In other Parex Resources news, Director Ronald Douglas Miller acquired 3,100 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The shares were purchased at an average price of C$17.00 per share, with a total value of C$52,700.00. Also, Director Paul David Wright sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of C$18.03, for a total transaction of C$180,300.00. Over the last 90 days, insiders have sold 18,842 shares of company stock valued at $338,802.

WARNING: “Parex Resources Inc. to Post FY2017 Earnings of $1.18 Per Share, Cormark Forecasts (PXT)” was first reported by American Banking News and is the property of of American Banking News. If you are reading this article on another site, it was copied illegally and republished in violation of U.S. and international copyright laws. The correct version of this article can be viewed at https://www.americanbankingnews.com/2018/02/08/parex-resources-inc-to-post-fy2017-earnings-of-1-18-per-share-cormark-forecasts-pxt.html.

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.

Receive News & Ratings for Parex Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parex Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply