Parex Resources (TSE:PXT) Price Target Raised to C$30.00

Parex Resources (TSE:PXT) had its target price increased by Scotiabank from C$29.00 to C$30.00 in a research note published on Thursday,BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

Parex Resources Stock Performance

Shares of PXT opened at C$26.54 on Thursday. The company has a current ratio of 0.88, a quick ratio of 1.45 and a debt-to-equity ratio of 34.66. The stock has a market cap of C$2.55 billion, a P/E ratio of 4.46, a PEG ratio of 0.21 and a beta of 0.18. The company has a 50-day moving average of C$23.70 and a two-hundred day moving average of C$24.42. Parex Resources has a 12-month low of C$15.59 and a 12-month high of C$30.20.

Insider Activity

In related news, insider Imad Mohsen acquired 24,250 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the transaction, the insider directly owned 165,410 shares of the company’s stock, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their position. 1.64% of the stock is owned by corporate insiders.

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.