Parex Resources (TSE:PXT) Share Price Crosses Above 200-Day Moving Average of $23.83

Shares of Parex Resources Inc. (TSE:PXT) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$23.83 and traded as high as C$24.40. Parex Resources shares last traded at C$24.24, with a volume of 365,437 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PXT shares. TD Securities cut their target price on shares of Parex Resources from C$28.70 to C$27.20 in a report on Tuesday, January 16th. Scotiabank cut their target price on shares of Parex Resources from C$28.00 to C$27.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. Royal Bank of Canada cut their target price on shares of Parex Resources from C$32.00 to C$28.00 and set an “outperform” rating for the company in a report on Friday, March 1st. Finally, Stifel Nicolaus cut their target price on shares of Parex Resources from C$32.75 to C$31.00 and set a “buy” rating for the company in a report on Monday, March 4th.

Parex Resources Price Performance

The company has a quick ratio of 1.45, a current ratio of 1.31 and a debt-to-equity ratio of 4.93. The firm’s 50 day simple moving average is C$22.00 and its 200 day simple moving average is C$23.83. The company has a market capitalization of C$2.50 billion, a PE ratio of 4.13, a price-to-earnings-growth ratio of 0.21 and a beta of 1.62.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Thursday, February 29th. The company reported C$1.74 EPS for the quarter, topping the consensus estimate of C$1.42 by C$0.32. The company had revenue of C$508.73 million during the quarter. Parex Resources had a net margin of 39.26% and a return on equity of 25.03%. As a group, research analysts anticipate that Parex Resources Inc. will post 5.6354916 EPS for the current fiscal year.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a yield of 6.19%. The ex-dividend date of this dividend was Thursday, March 14th. Parex Resources’s payout ratio is 25.55%.

Insiders Place Their Bets

In related news, Senior Officer Imad Mohsen bought 9,500 shares of the stock in a transaction dated Monday, March 18th. The stock was purchased at an average cost of C$21.10 per share, with a total value of C$200,450.00. 1.61% of the stock is owned by insiders.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.