Royal Bank of Canada Issues Positive Forecast for Parex Resources (TSE:PXT) Stock Price

Parex Resources (TSE:PXT) had its price target upped by investment analysts at Royal Bank of Canada from C$15.00 to C$16.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 28.21% from the company’s previous close.

Separately, BMO Capital Markets lifted their price objective on Parex Resources from C$14.00 to C$16.00 in a research report on Wednesday, January 15th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Parex Resources presently has a consensus rating of “Hold” and a consensus target price of C$20.21.

Parex Resources Price Performance

Parex Resources stock traded up C$0.18 during trading hours on Thursday, hitting C$12.48. 635,518 shares of the stock were exchanged, compared to its average volume of 565,182. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$24.88. The business’s 50-day moving average is C$14.35 and its two-hundred day moving average is C$14.08. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. The stock has a market capitalization of C$875.52 million, a P/E ratio of 3.41, a P/E/G ratio of 0.21 and a beta of 1.43.

Insider Activity at Parex Resources

In other news, Senior Officer Cam Grainger acquired 13,500 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was bought at an average price of C$13.45 per share, with a total value of C$181,575.00. 1.64% of the stock is owned by insiders.

Parex Resources Company Profile

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.