Parex Resources (TSE:PXT) Director Buys 7,500 Shares of Stock

Parex Resources Inc. (TSE:PXT) Director Glenn Mcnamara purchased 7,500 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were acquired at an average price of C$20.26 per share, for a total transaction of C$151,950.00. Following the purchase, the director directly owned 29,998 shares of the company’s stock, valued at approximately C$607,759.48. The trade was a 33.34% increase in their position.

Parex Resources Price Performance

Shares of PXT remained flat at C$19.81 during mid-day trading on Monday. 2,295,767 shares of the stock traded hands, compared to its average volume of 886,219. Parex Resources Inc. has a 12-month low of C$17.12 and a 12-month high of C$30.44. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45. The company has a market capitalization of C$1.91 billion, a P/E ratio of 3.33, a PEG ratio of 0.21 and a beta of 0.25. The firm’s fifty day simple moving average is C$27.59 and its 200 day simple moving average is C$25.33.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.3850 per share. This represents a $1.54 annualized dividend and a yield of 7.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Parex Resources’s payout ratio is currently 18.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PXT. ATB Cormark Capital Markets set a C$35.00 price objective on shares of Parex Resources and gave the stock an “outperform” rating in a research note on Monday, October 26th. Scotiabank boosted their price target on Parex Resources from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$28.30.

More Parex Resources News

Here are the key news stories impacting Parex Resources this week:

• Positive Sentiment: Two directors and insider Imad Mohsen reported buying Parex shares on November 9. The largest disclosed purchases were 24,870 shares by Mohsen for about C$499,141 and a combined 12,500 shares by the two directors for about C$251,150. Insider buying can be a positive confidence signal. Insider transactions
• Negative Sentiment: A report said Parex shares had fallen 16.8%, indicating significant recent selling pressure. The headline does not provide a reason for the decline or further details on what investors may expect next. Parex Resources Stock Price Down 16.8% – What’s Next?

About Parex Resources

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.