Parex Resources (TSE:PXT) Shares Pass Above 200 Day Moving Average – What’s Next?

Shares of Parex Resources Inc. (TSE:PXT) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$22.75 and traded as high as C$26.18. Parex Resources shares last traded at C$25.64, with a volume of 837,855 shares trading hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada raised their price target on Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$23.30.

Parex Resources Price Performance

The firm has a market capitalization of C$2.47 billion, a PE ratio of 13.86, a PEG ratio of 0.21 and a beta of 0.18. The stock has a 50-day moving average price of C$26.66 and a 200 day moving average price of C$22.75. The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 9.51.

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

Parex Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were given a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Wednesday, March 18th. Parex Resources’s payout ratio is presently 60.30%.

Insider Activity at Parex Resources

In other news, insider Imad Mohsen purchased 14,600 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of C$27.37 per share, for a total transaction of C$399,602.00. Following the completion of the transaction, the insider owned 139,501 shares of the company’s stock, valued at C$3,818,142.37. This trade represents a 11.69% increase in their ownership of the stock. 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.