Parex Resources (TSE:PXT) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Parex Resources Inc. (TSE:PXT) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$23.04 and traded as high as C$24.75. Parex Resources shares last traded at C$24.66, with a volume of 1,285,852 shares trading hands.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada increased their price objective on Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$23.30.

Parex Resources Stock Performance

The company has a debt-to-equity ratio of 9.51, a current ratio of 1.49 and a quick ratio of 1.45. The firm has a market capitalization of C$2.37 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.21 and a beta of 0.18. The firm’s fifty day moving average is C$26.44 and its 200 day moving average is C$23.04.

Parex Resources (TSE:PXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported C$0.07 EPS for the quarter. The firm had revenue of C$284.35 million for the quarter. Parex Resources had a net margin of 19.59% and a return on equity of 9.34%.

Insider Activity

In related news, insider Imad Mohsen purchased 14,600 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of C$27.37 per share, for a total transaction of C$399,602.00. Following the acquisition, the insider directly owned 139,501 shares in the company, valued at approximately C$3,818,142.37. The trade was a 11.69% increase in their position. 1.64% of the stock is owned by company insiders.

Parex Resources Company Profile

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.