Parex Resources (TSE:PXT) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Parex Resources Inc. (TSE:PXT)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$23.58 and traded as high as C$23.68. Parex Resources shares last traded at C$23.50, with a volume of 602,595 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada boosted their price target on Parex Resources from C$28.00 to C$32.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Scotiabank raised their price objective on Parex Resources from C$20.00 to C$29.00 and gave the stock a “sector perform” rating in a report on Monday, June 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Parex Resources has an average rating of “Moderate Buy” and an average target price of C$25.10.

Parex Resources Trading Up 1.4%

The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 9.51. The firm’s 50 day simple moving average is C$24.90 and its 200-day simple moving average is C$23.58. The company has a market capitalization of C$2.26 billion, a PE ratio of 12.70, a P/E/G ratio of 0.21 and a beta of 0.19.

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

Insiders Place Their Bets

In related news, insider Imad Mohsen purchased 24,250 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the acquisition, the insider owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. Company insiders own 1.64% of the company’s stock.

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.