Insider Buying at Parex Resources Inc.

Parex Resources Inc. (TSE:PXT) has witnessed recent insider activity as Senior Officer Cam Grainger purchased 13,500 shares of the company's stock. This transaction took place on Thursday, December 12th, with shares acquired at an average price of C$13.45 each, amounting to a total investment of C$181,575.00.

Parex Resources Stock Performance

On Friday, the shares of PXT opened at C$13.53. The company has shown varied performance, with a fifty-day simple moving average standing at C$13.90, while the 200-day simple moving average is significantly higher at C$16.94. Moreover, Parex Resources Inc. has financial ratios revealing a current ratio of 1.14, a quick ratio of 1.45, and a debt-to-equity ratio of 2.90. Throughout the past year, the stock has reached a low of C$11.33 and a high of C$25.78, positioning the company's market capitalization at C$1.37 billion. Notably, despite current market dynamics, the company has a low price-to-earnings ratio of 3.23, a P/E/G ratio of 0.21, along with a beta of 1.43, suggesting a higher volatility compared to the market.

Parex Resources Dividend Announcement

The company has also announced a quarterly dividend that is set to be paid on Monday, December 16th. Shareholders who are on record by this date will receive a dividend of C$0.385 per share, translating to an annual dividend of C$1.54, which results in an impressive yield of 11.38%. The ex-dividend date for this payment was on December 9th. Currently, Parex Resources has a dividend payout ratio of 36.75%, indicating a healthy balance between dividend payments and retained earnings.

Analyst Upgrades and Downgrades

The stock has attracted attention from various analysts, reflected in several reports regarding its ratings and price targets. BMO Capital Markets recently raised its price target for Parex Resources from C$13.00 to C$14.00. Conversely, Jefferies Financial Group downgraded their target from C$23.80 to C$19.50. In other notable changes, Haywood Securities cut their price target from C$33.00 to C$25.00 while maintaining a "buy" rating. The Royal Bank of Canada similarly lowered its price objective from C$17.00 to C$15.00. Lastly, Eight Capital downgraded Parex Resources from a "buy" to a "neutral" rating and reduced their target from C$32.50 to C$16.00. Overall, the stock shows a mix of opinions, with four analysts rating it as a hold, while two others see potential for a buy. The average rating among these analysts stands at "Hold" with a price target of C$21.86.

Parex Resources Company Profile

Parex Resources Inc. is actively involved in the exploration, development, production, and marketing of oil and natural gas, primarily in Colombia. The company boasts significant land holdings and exploration blocks in both the Llanos and Magdalena Basins. Key interests include a 55% working interest in Block LLA-34, a 100% working interest in the Cabrestero Block, and a 50% working interest in the Capachos Block and Block VIM-1.

Insider, Buying, Stocks