Parex Resources (TSE:PXT) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Parex Resources Inc. (TSE:PXT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$25.00 and traded as high as C$28.79. Parex Resources shares last traded at C$28.52, with a volume of 791,326 shares changing hands.

Wall Street Analyst Weigh In

Separately, Scotiabank lifted their price target on Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$25.30.

Parex Resources Price Performance

The business’s 50-day simple moving average is C$24.33 and its 200-day simple moving average is C$25.06. The stock has a market cap of C$2.80 billion, a PE ratio of 4.90, a PEG ratio of 0.21 and a beta of 0.18. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66.

Parex Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Tuesday, September 8th. Parex Resources’s payout ratio is currently 18.57%.

Insider Buying and Selling

In other Parex Resources news, insider Cam Grainger purchased 2,000 shares of the stock in a transaction on Monday, August 24th. The stock was acquired at an average price of C$27.40 per share, with a total value of C$54,800.00. Following the transaction, the insider directly owned 43,584 shares of the company’s stock, valued at approximately C$1,194,201.60. This trade represents a 4.81% increase in their position. Also, insider Imad Mohsen acquired 24,250 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was acquired at an average price of C$20.61 per share, with a total value of C$499,792.50. Following the acquisition, the insider owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their position. Corporate insiders own 1.64% of the company’s stock.

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.