Royal Bank of Canada Trims Parex Resources (TSE:PXT) Target Price to C$24.00

Parex Resources (TSE:PXT) had its price target cut by Royal Bank of Canada from C$26.00 to C$24.00 in a research note published on Tuesday, BayStreet.CA reports.

Several other brokerages also recently weighed in on PXT. Cormark upped their target price on shares of Parex Resources from C$32.50 to C$35.00 in a research note on Tuesday, July 9th. Eight Capital upped their target price on shares of Parex Resources from C$34.00 to C$34.50 in a research note on Tuesday, June 11th. Finally, National Bank Financial restated an outperform rating and issued a C$32.00 target price on shares of Parex Resources in a research note on Friday, July 26th.

PXT opened at C$21.50 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.22 and a debt-to-equity ratio of 0.16. Parex Resources has a 52-week low of C$13.62 and a 52-week high of C$23.93. The stock’s 50 day simple moving average is C$21.22. The stock has a market capitalization of $3.17 billion and a P/E ratio of 8.23.

Parex Resources (TSE:PXT) last released its quarterly earnings data on Tuesday, May 7th. The company reported C$0.70 earnings per share (EPS) for the quarter. The business had revenue of C$327.86 million for the quarter. As a group, equities research analysts anticipate that Parex Resources will post 2.4000002 EPS for the current year.

In related news, Director Robert John Engbloom sold 15,000 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$21.19, for a total value of C$317,889.00. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at C$1,801,371. Also, Senior Officer Wayne Kim Foo sold 33,377 shares of the company’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of C$21.12, for a total transaction of C$704,878.85. Following the completion of the sale, the insider now directly owns 1,658,740 shares in the company, valued at C$35,030,432.44. Insiders sold 485,534 shares of company stock valued at $10,433,375 over the last 90 days.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 2,037,753 gross acres. As of December 31, 2018, it had proved plus probable reserves of 184.674 million barrels of oil equivalent.

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