Parex Resources (TSE:PXT) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Parex Resources Inc. (TSE:PXT) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$14.83 and traded as high as C$18.25. Parex Resources shares last traded at C$18.18, with a volume of 918,860 shares trading hands.

Analysts Set New Price Targets

PXT has been the subject of several research reports. Scotiabank increased their target price on shares of Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and increased their target price for the company from C$16.00 to C$20.00 in a research note on Monday, September 15th. Finally, Royal Bank Of Canada increased their target price on shares of Parex Resources from C$20.00 to C$21.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of C$20.33.

Parex Resources Trading Up 0.8%

The stock has a market cap of C$1.79 billion, a P/E ratio of 13.88, a PEG ratio of 0.21 and a beta of 0.50. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45. The business’s 50 day simple moving average is C$17.56 and its 200 day simple moving average is C$14.83.

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 15th were paid a dividend of $0.385 per share. The ex-dividend date was Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a yield of 8.5%. Parex Resources’s dividend payout ratio (DPR) is currently 84.24%.

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.