Parex Resources (TSE:PXT) Shares Cross Above 200 Day Moving Average on Insider Selling

Shares of Parex Resources Inc (TSE:PXT) crossed above its two hundred day moving average during trading on Monday following insider buying activity. The stock has a two hundred day moving average of $0.00 and traded as high as $21.16. Parex Resources shares last traded at $20.94, with a volume of 218,918 shares traded.

Specifically, Director Robert John Engbloom sold 15,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at C$1,801,371. Also, Director Curtis Darrell Bartlett sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of C$21.52, for a total value of C$2,152,000.00. Following the transaction, the director now directly owns 900,000 shares in the company, valued at approximately C$19,368,000. In the last ninety days, insiders have sold 630,534 shares of company stock worth $13,494,325.

A number of equities research analysts recently commented on PXT shares. Eight Capital raised their price objective on shares of Parex Resources from C$34.00 to C$34.50 in a research report on Tuesday, June 11th. Cormark lifted their price target on shares of Parex Resources from C$32.50 to C$35.00 in a research report on Tuesday, July 9th. Royal Bank of Canada reduced their price target on shares of Parex Resources from C$26.00 to C$24.00 in a research report on Tuesday, July 30th. Finally, National Bank Financial reiterated an “outperform” rating and set a C$32.00 price target on shares of Parex Resources in a research report on Friday, July 26th.

The company has a quick ratio of 1.22, a current ratio of 1.48 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.07 billion and a PE ratio of 8.01. The firm has a 50-day moving average of C$21.25.

Parex Resources Company Profile (TSE:PXT)

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.

Further Reading: Management Fee

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