BMO Capital Markets Issues Positive Forecast for Parex Resources (TSE:PXT) Stock Price

Parex Resources (TSE:PXT) had its target price lifted by investment analysts at BMO Capital Markets from C$13.00 to C$14.00 in a research note issued to investors on Thursday,BayStreet.CA reports. BMO Capital Markets’ price objective would indicate a potential downside of 1.55% from the stock’s previous close.

PXT has been the subject of a number of other reports. Cormark cut their target price on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Jefferies Financial Group cut their price target on shares of Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Scotiabank lowered their price objective on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research note on Friday, August 30th. Finally, Haywood Securities dropped their target price on shares of Parex Resources from C$33.00 to C$25.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of C$21.86.

Parex Resources Price Performance

Shares of PXT stock traded up C$0.23 during midday trading on Thursday, reaching C$14.22. 367,020 shares of the company were exchanged, compared to its average volume of 709,711. The company’s 50 day moving average price is C$12.97 and its two-hundred day moving average price is C$18.54. The company has a market cap of C$1.44 billion, a P/E ratio of 3.40, a PEG ratio of 0.21 and a beta of 1.43. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$28.23. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14.

Insiders Place Their Bets

In other Parex Resources news, Senior Officer Wayne Kim Foo bought 4,000 shares of Parex Resources stock in a transaction dated Friday, August 30th. The stock was bought at an average price of C$13.05 per share, for a total transaction of C$52,200.00. In related news, Senior Officer Wayne Kim Foo purchased 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was acquired at an average cost of C$13.05 per share, for a total transaction of C$52,200.00. Also, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. In the last three months, insiders have bought 54,804 shares of company stock worth $705,285. Corporate insiders own 1.64% of the company’s stock.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.