Parex Resources (TSE:PXT) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Parex Resources Inc. (TSE:PXT) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$23.04 and traded as high as C$24.75. Parex Resources shares last traded at C$24.66, with a volume of 1,285,852 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada boosted their price target on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Parex Resources presently has an average rating of “Moderate Buy” and a consensus price target of C$23.30.

Parex Resources Trading Up 6.0%

The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 9.51. The firm has a market cap of C$2.52 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18. The firm’s 50-day simple moving average is C$26.47 and its 200 day simple moving average is C$23.06.

Parex Resources (TSE:PXT) last released its earnings results on Tuesday, May 12th. The company reported C$0.07 earnings per share for the quarter. Parex Resources had a net margin of 19.59% and a return on equity of 9.34%. The firm had revenue of C$284.35 million during the quarter.

Insiders Place Their Bets

In other news, insider Imad Mohsen acquired 14,600 shares of Parex Resources stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of C$27.37 per share, with a total value of C$399,602.00. Following the completion of the acquisition, the insider owned 139,501 shares in the company, valued at approximately C$3,818,142.37. This trade represents a 11.69% increase in their ownership of the stock. Company insiders own 1.64% of the company’s stock.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.