Parex Resources (TSE:PXT) Price Target Cut to C$23.00

Parex Resources (TSE:PXT) had its price objective cut by Scotiabank from C$27.00 to C$23.00 in a research report released on Friday morning, BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

PXT has been the subject of several other research reports. Cormark reduced their price target on shares of Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Royal Bank of Canada reduced their target price on shares of Parex Resources from C$28.00 to C$23.00 and set an outperform rating for the company in a research note on Friday, August 2nd. Finally, Jefferies Financial Group decreased their target price on shares of Parex Resources from C$27.20 to C$23.80 in a research report on Thursday, August 1st.

Parex Resources Stock Performance

Shares of TSE PXT opened at C$17.50 on Friday. The stock has a market capitalization of C$1.77 billion, a P/E ratio of 4.14, a P/E/G ratio of 0.21 and a beta of 1.47. The firm’s 50-day moving average price is C$20.42 and its two-hundred day moving average price is C$21.66. Parex Resources has a 52-week low of C$16.47 and a 52-week high of C$28.23. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The business had revenue of C$499.23 million for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. As a group, sell-side analysts forecast that Parex Resources will post 4.0484262 earnings per share for the current year.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.54 annualized dividend and a yield of 8.80%. Parex Resources’s payout ratio is 36.93%.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.