Parex Resources (TSE:PXT) Price Target Raised to C$35.00 at Cormark

Parex Resources (TSE:PXT) had its price objective raised by equities researchers at Cormark from C$32.50 to C$35.00 in a note issued to investors on Tuesday, BayStreet.CA reports. Cormark’s price objective would indicate a potential upside of 63.86% from the company’s previous close.

Separately, Eight Capital increased their target price on Parex Resources from C$34.00 to C$34.50 in a research report on Tuesday, June 11th.

Shares of TSE:PXT traded up C$0.09 during midday trading on Tuesday, reaching C$21.36. 322,203 shares of the company’s stock traded hands, compared to its average volume of 678,691. Parex Resources has a 1 year low of C$13.62 and a 1 year high of C$26.78. The stock has a market cap of $2.96 billion and a P/E ratio of 8.12. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.22 and a current ratio of 1.48. The company has a fifty day simple moving average of C$20.82.

Parex Resources (TSE:PXT) last announced its earnings results on Tuesday, May 7th. The company reported C$0.70 earnings per share (EPS) for the quarter. The business had revenue of C$327.86 million for the quarter. On average, sell-side analysts forecast that Parex Resources will post 2.5899998 earnings per share for the current fiscal year.

In other news, Director Robert John Engbloom sold 15,000 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$21.19, for a total transaction of C$317,889.00. Following the transaction, the director now owns 85,000 shares in the company, valued at approximately C$1,801,371. Also, Senior Officer Wayne Kim Foo sold 33,377 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of C$21.12, for a total value of C$704,878.85. Following the completion of the transaction, the insider now directly owns 1,658,740 shares of the company’s stock, valued at C$35,030,432.44. Insiders have sold a total of 225,000 shares of company stock worth $4,824,331 in the last quarter.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 2,037,753 gross acres. As of December 31, 2018, it had proved plus probable reserves of 184.674 million barrels of oil equivalent.

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