Parex Resources (PXT) Price Target Raised to C$24.00 at Canaccord Genuity

Parex Resources (TSE:PXT) had its price target boosted by investment analysts at Canaccord Genuity from C$22.00 to C$24.00 in a note issued to investors on Friday. Canaccord Genuity’s target price indicates a potential upside of 41.59% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Eight Capital boosted their price objective on shares of Parex Resources from C$23.00 to C$30.00 in a report on Monday, December 11th. CIBC boosted their price objective on shares of Parex Resources from C$22.50 to C$25.00 in a report on Tuesday, January 23rd. Scotiabank boosted their price objective on shares of Parex Resources from C$27.00 to C$28.00 and gave the stock a “focus stock” rating in a report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on shares of Parex Resources from C$20.00 to C$24.00 and gave the stock an “outperform” rating in a report on Friday, November 10th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of C$24.57.

Shares of Parex Resources (PXT) traded down C$0.66 on Friday, reaching C$16.95. 501,738 shares of the company traded hands, compared to its average volume of 518,573. The company has a market cap of $2,740.00, a P/E ratio of 40.12 and a beta of 0.65. Parex Resources has a 12-month low of C$12.19 and a 12-month high of C$19.86.

Parex Resources (TSE:PXT) last announced its earnings results on Tuesday, November 7th. The company reported C$0.44 EPS for the quarter, topping the consensus estimate of C$0.26 by C$0.18. The firm had revenue of C$200.60 million for the quarter, compared to the consensus estimate of C$194.33 million. Parex Resources had a net margin of 37.80% and a return on equity of 27.78%.

In related news, Director Ronald Douglas Miller acquired 3,100 shares of the company’s stock in a transaction dated Friday, November 17th. The shares were bought at an average price of C$17.00 per share, for a total transaction of C$52,700.00. Also, insider Eric Furlan sold 5,000 shares of Parex Resources stock in a transaction dated Monday, November 13th. The shares were sold at an average price of C$17.90, for a total transaction of C$89,500.00.

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Parex Resources Company Profile

Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.

Analyst Recommendations for Parex Resources (TSE:PXT)

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