Parex Resources (TSE:PXT) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$23.78 and traded as high as C$24.03. Parex Resources shares last traded at C$23.73, with a volume of 1,028,221 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on PXT. Royal Bank Of Canada raised their price target on Parex Resources from C$28.00 to C$32.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Scotiabank upped 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 analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$25.10.

Parex Resources Price Performance

The company has a current ratio of 1.49, a quick ratio of 1.45 and a debt-to-equity ratio of 9.51. The company has a market capitalization of C$2.28 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.21 and a beta of 0.19. The stock’s 50-day moving average is C$24.32 and its two-hundred day moving average is C$23.78.

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 company had revenue of C$284.35 million for the quarter. Parex Resources had a return on equity of 9.34% and a net margin of 19.59%.

Insider Buying and Selling

In other Parex Resources news, insider Imad Mohsen purchased 24,250 shares of Parex Resources stock in a transaction dated Tuesday, July 7th. The stock was acquired at an average price 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 C$3,409,100.10. This trade represents a 17.18% increase in their position. Company insiders own 1.64% of the company’s stock.

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.