Parex Resources (TSE:PXT) Given New C$16.00 Price Target at Royal Bank of Canada

Parex Resources (TSE:PXT) had its target price raised by investment analysts at Royal Bank of Canada from C$15.00 to C$16.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 28.21% from the company’s current price.

Separately, BMO Capital Markets increased their price target on Parex Resources from C$14.00 to C$16.00 in a research report on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of C$20.21.

Parex Resources Stock Performance

PXT traded up C$0.18 during trading on Thursday, hitting C$12.48. The stock had a trading volume of 635,518 shares, compared to its average volume of 565,182. 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 company has a 50 day moving average price of C$14.35 and a 200-day moving average price of C$14.08. Parex Resources has a one year low of C$11.33 and a one year high of C$24.88. The firm has a market cap of C$875.52 million, a price-to-earnings ratio of 3.41, a P/E/G ratio of 0.21 and a beta of 1.43.

Insiders Place Their Bets

In related news, Senior Officer Cam Grainger purchased 13,500 shares of Parex Resources stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average price of C$13.45 per share, for a total transaction of C$181,575.00. Insiders own 1.64% of the company’s stock.

Parex Resources Company Profile

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.