Parex Resources (TSE:PXT) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$14.64 and traded as high as C$18.56. Parex Resources shares last traded at C$18.46, with a volume of 341,522 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on PXT. Royal Bank Of Canada lifted their price objective on shares of Parex Resources from C$18.00 to C$20.00 and gave the stock a “sector perform” rating in a research note on Monday, September 29th. BMO Capital Markets raised shares of Parex Resources from a “hold” rating to an “outperform” rating and lifted their price target for the stock from C$16.00 to C$20.00 in a research note on Monday, September 15th. Finally, Scotiabank upped their price target on shares of Parex Resources from C$16.00 to C$17.00 and gave the company a “sector perform” rating in a report on Thursday, July 31st. One research analyst has 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 “Hold” and an average target price of C$19.00.

Parex Resources Trading Up 1.9%

The stock has a market capitalization of C$1.81 billion, a P/E ratio of 14.09, a PEG ratio of 0.21 and a beta of 0.50. The stock’s fifty day moving average price is C$17.27 and its 200 day moving average price is C$14.64. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 15th were given a dividend of $0.385 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.3%. Parex Resources’s dividend payout ratio (DPR) is 84.24%.

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.