Parex Resources Inc. (TSE:PXT) Announces Quarterly Dividend of $0.39

Parex Resources Inc. (TSE:PXT - Get Free Report) declared a quarterly dividend on Tuesday, November 5th,Zacks Dividends reports. Shareholders of record on Monday, December 9th will be paid a dividend of 0.385 per share on Monday, December 16th. This represents a $1.54 dividend on an annualized basis and a yield of 10.72%. The ex-dividend date of this dividend is Monday, December 9th.

Parex Resources Trading Up 2.7 %

PXT traded up C$0.38 during midday trading on Thursday, reaching C$14.37. 629,441 shares of the company were exchanged, compared to its average volume of 711,034. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. Parex Resources has a one year low of C$11.33 and a one year high of C$28.23. The stock has a market capitalization of C$1.45 billion, a P/E ratio of 3.40, a PEG ratio of 0.21 and a beta of 1.43. The stock's 50-day simple moving average is C$12.97 and its 200 day simple moving average is C$18.54.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank of Canada cut their price objective on Parex Resources from C$17.00 to C$15.00 in a report on Tuesday, September 17th. BMO Capital Markets lifted their price objective on Parex Resources from C$13.00 to C$14.00 in a report on Thursday. Scotiabank dropped their target price on Parex Resources from C$23.00 to C$19.00 and set a "sector perform" rating on the stock in a research report on Friday, August 30th. Eight Capital lowered Parex Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. Finally, Haywood Securities dropped their target price on Parex Resources from C$33.00 to C$25.00 and set a "buy" rating on the stock in a research report on Friday, August 30th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of C$21.86.

Insiders Place Their Bets

In other Parex Resources news, Senior Officer Eric Furlan bought 3,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of C$11.85 per share, with a total value of C$35,550.00. In other Parex Resources news, Senior Officer Wayne Kim Foo bought 4,000 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of C$13.05 per share, with a total value of C$52,200.00. Also, Senior Officer Eric Furlan bought 3,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. Insiders have purchased 54,804 shares of company stock valued at $705,285 in the last 90 days. 1.64% of the stock is currently owned by insiders.

Parex Resources Company Profile

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.