Parex Resources (TSE:PXT) Shares Pass Above 200-Day Moving Average – Time to Sell?

Parex Resources Inc. (TSE:PXT)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$16.54 and traded as high as C$19.10. Parex Resources shares last traded at C$19.04, with a volume of 660,202 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PXT. Scotiabank raised their price target on Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and boosted their price target for the stock from C$16.00 to C$20.00 in a research report on Monday, September 15th. Finally, Royal Bank Of Canada increased their price objective on shares of Parex Resources from C$20.00 to C$21.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Parex Resources currently has an average rating of “Hold” and an average price target of C$20.33.

Parex Resources Stock Performance

The firm has a market cap of C$1.86 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50. The business has a 50 day simple moving average of C$18.41 and a two-hundred day simple moving average of C$16.54. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81.

Parex Resources (TSE:PXT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported C$0.52 EPS for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The firm had revenue of C$311.63 million for the quarter.

Parex Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 15th will be given a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, December 8th. This represents a $1.54 dividend on an annualized basis and a yield of 8.1%. Parex Resources’s payout ratio is 92.82%.

About Parex Resources

Parex Resources Inc engages in exploration, development, and production of crude oil. The company brings technology utilized in the Western Canada Sedimentary Basin to South American basins with large oil-in-place potential. Majority of the company’s properties are focused in Colombia, where it pays a royalty or tax to the government for its operations.