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

Parex Resources (TSE:PXT - Get Free Report) had its price target increased by equities researchers at Royal Bank of Canada from C$15.00 to C$16.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank of Canada's target price points to a potential upside of 25.39% from the company's previous close.

Separately, BMO Capital Markets upped their price target on shares of Parex Resources from C$14.00 to C$16.00 in a report on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of C$20.21.

Parex Resources Stock Performance

PXT stock traded up C$0.13 during mid-day trading on Thursday, reaching C$12.76. 1,574,401 shares of the stock traded hands, compared to its average volume of 606,953. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. Parex Resources has a 52 week low of C$11.33 and a 52 week high of C$24.88. The business has a 50-day moving average of C$14.32 and a two-hundred day moving average of C$14.04. The firm has a market capitalization of C$895.17 million, a PE ratio of 3.49, a P/E/G ratio of 0.21 and a beta of 1.43.

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Insider Buying and Selling

In other news, Director Sigmund Cornelius bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of C$12.61 per share, with a total value of C$63,063.00. Also, Senior Officer Cam Grainger purchased 13,500 shares of the business's stock in a transaction on Thursday, December 12th. The shares were acquired 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 company insiders.

About Parex Resources

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.