TD Securities Increases Parex Resources Inc. (PXT) Price Target to C$22.00

Parex Resources Inc. (TSE:PXT) had its target price hoisted by TD Securities from C$21.00 to C$22.00 in a research report report published on Friday, May 12th. They currently have a buy rating on the stock.

PXT has been the topic of several other research reports. CIBC upped their price target on shares of Parex Resources from C$18.50 to C$21.50 in a report on Wednesday, April 26th. Royal Bank Of Canada raised their price objective on shares of Parex Resources from C$19.00 to C$20.00 and gave the stock an outperform rating in a report on Thursday, February 9th. Scotiabank raised their price objective on shares of Parex Resources from C$19.00 to C$23.00 and gave the stock a focus stock rating in a report on Tuesday, February 7th. Canaccord Genuity reaffirmed a buy rating and set a C$22.00 target price on shares of Parex Resources in a research note on Thursday, March 2nd. Finally, CSFB raised their target price on shares of Parex Resources from C$18.25 to C$23.00 and gave the company an outperform rating in a research note on Tuesday, February 7th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of C$20.95.

Parex Resources (TSE PXT) traded up 2.73% during midday trading on Friday, reaching $14.69. The company had a trading volume of 483,891 shares. The company has a market cap of $2.27 billion and a PE ratio of 2098.57. The company’s 50-day moving average is $16.27 and its 200 day moving average is $16.47. Parex Resources has a 52-week low of $12.00 and a 52-week high of $18.22.

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In other news, Director Curtis Darrell Bartlett sold 16,834 shares of the firm’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of C$16.10, for a total value of C$271,027.40. Also, insider David Robert Taylor sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, April 12th. The stock was sold at an average price of C$17.99, for a total transaction of C$1,799,000.00. Over the last three months, insiders sold 287,079 shares of company stock valued at $5,097,307.

Parex Resources Company Profile

Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.

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