Parex Resources (OTCMKTS:PARXF) Shares Up 4.6% – What’s Next?

Parex Resources Inc. (OTCMKTS:PARXF) shares shot up 4.6% on Friday . The company traded as high as $15.39 and last traded at $15.31. 53,768 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 61,643 shares. The stock had previously closed at $14.64.

Wall Street Analysts Forecast Growth

PARXF has been the subject of a number of research analyst reports. Roth Mkm assumed coverage on Parex Resources in a report on Friday, December 12th. They set a “buy” rating for the company. Scotiabank restated a “sector perform” rating on shares of Parex Resources in a research note on Thursday, October 9th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Parex Resources Price Performance

The firm has a fifty day moving average of $13.65 and a 200-day moving average of $12.99.

About Parex Resources

Parex Resources Inc is a Canada-based exploration and production company primarily engaged in the acquisition, development and production of oil resources. The company holds a portfolio of prolific onshore blocks in Colombia, targeting both light and medium crude oil. Parex employs a strategic exploration approach, integrating seismic studies and advanced drilling techniques to optimize reservoir development and enhance recovery rates.

Headquartered in Calgary, Alberta, Parex has focused its operations on Colombia’s Llanos Basin and the Caguan and Putumayo basins.