Parex Resources (TSE:PXT) Sets New 1-Year High – Still a Buy?

Parex Resources Inc. (TSE:PXT)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as C$19.78 and last traded at C$19.72, with a volume of 302777 shares. The stock had previously closed at C$19.17.

Wall Street Analysts Forecast Growth

PXT has been the topic of several analyst reports. Royal Bank Of Canada cut their price target on Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Scotiabank lifted their price target on Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Roth Capital set a C$24.00 price target on Parex Resources and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Jefferies Financial Group upped their price objective on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$20.90.

Parex Resources Stock Performance

The company has a market cap of C$1.92 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 0.21 and a beta of 0.76. The firm’s fifty day moving average is C$18.32 and its 200 day moving average is C$17.38. The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported C$0.52 earnings per share (EPS) for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The business had revenue of C$311.63 million for the quarter.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 15th were issued a $0.385 dividend. This represents a $1.54 annualized dividend and a yield of 7.8%. The ex-dividend date was Monday, December 8th. Parex Resources’s payout ratio is presently 92.82%.

About Parex Resources

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.