Insider Buying: Parex Resources (TSE:PXT) Insider Acquires 14,600 Shares of Stock

Parex Resources Inc. (TSE:PXT) insider Imad Mohsen acquired 14,600 shares of Parex Resources stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of C$27.37 per share, with a total value of C$399,602.00. Following the completion of the transaction, the insider owned 139,501 shares of the company’s stock, valued at approximately C$3,818,142.37. This trade represents a 11.69% increase in their position.

Parex Resources Stock Performance

PXT traded down C$0.02 during trading hours on Thursday, hitting C$27.26. The company’s stock had a trading volume of 497,355 shares, compared to its average volume of 881,427. The company has a 50-day simple moving average of C$26.34 and a 200 day simple moving average of C$21.67. The company has a current ratio of 1.11, a quick ratio of 1.45 and a debt-to-equity ratio of 2.16. The firm has a market capitalization of C$2.62 billion, a PE ratio of 10.40, a PEG ratio of 0.21 and a beta of 0.18. Parex Resources Inc. has a fifty-two week low of C$12.17 and a fifty-two week high of C$30.20.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Tuesday, May 12th. The company reported C$0.07 earnings per share (EPS) for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.The company had revenue of C$284.35 million during the quarter.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were given a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date was Wednesday, March 18th. Parex Resources’s dividend payout ratio is currently 42.29%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada boosted their price target on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$23.30.

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.