Parex Resources (TSE:PXT) Hits New 52-Week High – Should You Buy?

Shares of Parex Resources Inc. (TSE:PXT) reached a new 52-week high during trading on Tuesday . The stock traded as high as C$22.68 and last traded at C$22.08, with a volume of 115389 shares changing hands. The stock had previously closed at C$21.96.

Analyst Ratings Changes

Several brokerages recently issued reports on PXT. Roth Mkm set a C$24.00 target price on shares of Parex Resources and gave the stock a “buy” rating in a report on Friday, December 12th. Royal Bank Of Canada reduced their price target on Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 13th. Finally, Jefferies Financial Group lifted their price target on Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Parex Resources currently has an average rating of “Moderate Buy” and an average target price of C$20.90.

Parex Resources Price Performance

The company has a fifty day moving average price of C$19.80 and a two-hundred day moving average price of C$18.66. The firm has a market capitalization of C$2.14 billion, a price-to-earnings ratio of 18.93, a P/E/G ratio of 0.21 and a beta of 0.70. The company has a quick ratio of 1.45, a current ratio of 0.99 and a debt-to-equity ratio of 0.79.

Parex Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were given a $0.385 dividend. The ex-dividend date was Monday, December 8th. This represents a $1.54 annualized dividend and a yield of 6.9%. Parex Resources’s dividend payout ratio is presently 92.82%.

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