Parex Resources Inc. (TSE:PXT) has received an average recommendation of “Buy” from the eleven brokerages that are currently covering the firm. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is C$20.10.

A number of research firms recently issued reports on PXT. CIBC raised their target price on shares of Parex Resources from C$17.50 to C$18.50 in a research note on Wednesday, February 8th. Royal Bank of Canada raised their target price on shares of Parex Resources from C$20.00 to C$21.00 and gave the company an “outperform” rating in a research note on Wednesday, March 15th. CSFB raised their target price on shares of Parex Resources from C$18.25 to C$23.00 and gave the company an “outperform” rating in a research note on Tuesday, February 7th. TD Securities upgraded shares of Parex Resources from a “hold” rating to a “buy” rating and set a C$19.50 target price on the stock in a research note on Wednesday, January 25th. Finally, Scotiabank raised their target price on shares of Parex Resources from C$19.00 to C$23.00 and gave the company a “focus stock” rating in a research note on Tuesday, February 7th.

In other Parex Resources news, insider David Robert Taylor sold 12,000 shares of the firm’s stock in a transaction on Friday, February 10th. The shares were sold at an average price of C$16.65, for a total value of C$199,800.00. Also, insider Kenneth George Pinsky sold 15,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of C$16.35, for a total transaction of C$245,250.00. Insiders sold a total of 67,434 shares of company stock worth $1,080,892 over the last quarter.

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Shares of Parex Resources (TSE:PXT) opened at 15.83 on Tuesday. The firm’s market cap is $2.43 billion. The company’s 50-day moving average is $16.20 and its 200 day moving average is $16.34. Parex Resources has a 1-year low of $10.50 and a 1-year high of $18.22.

About Parex Resources

Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.

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