Parex Resources (TSE:PXT) Sets New 1-Year High Following Dividend Announcement

Parex Resources Inc. (TSE:PXT) hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$26.45 and last traded at C$26.36, with a volume of 345987 shares traded. The stock had previously closed at C$26.32.

The newly announced dividend which will be paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th will be given a dividend of $0.385 per share. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $1.54 annualized dividend and a yield of 5.7%. Parex Resources’s dividend payout ratio is 42.29%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Jefferies Financial Group raised their price target on Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Roth Mkm set a C$24.00 price objective on Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Royal Bank Of Canada raised their target price on shares of Parex Resources from C$23.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Friday, March 13th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$22.50.

Parex Resources Stock Up 1.8%

The stock has a market cap of C$2.60 billion, a P/E ratio of 10.35, a price-to-earnings-growth ratio of 0.21 and a beta of 0.63. The firm has a 50 day simple moving average of C$21.48 and a 200-day simple moving average of C$19.35. The company has a quick ratio of 1.45, a current ratio of 1.11 and a debt-to-equity ratio of 2.16.

Parex Resources (TSE:PXT) last issued its earnings results on Wednesday, March 4th. The company reported C$0.43 EPS for the quarter. The company had revenue of C$223.53 million during the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.