Scotiabank Boosts Parex Resources (TSE:PXT) Price Target to C$35.00

Parex Resources (TSE:PXT) had its price objective upped by analysts at Scotiabank from C$34.00 to C$35.00 in a research note issued to investors on Thursday, BayStreet.CA reports. Scotiabank’s target price indicates a potential upside of 36.99% from the stock’s previous close.

Several other analysts have also commented on the company. Royal Bank of Canada upgraded Parex Resources from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from C$26.00 to C$28.00 in a report on Thursday, September 2nd. National Bankshares decreased their price objective on Parex Resources from C$36.00 to C$34.00 and set an “outperform” rating for the company in a report on Thursday, August 5th. Finally, National Bank Financial decreased their price objective on Parex Resources to C$34.00 and set an “outperform” rating for the company in a report on Thursday, August 5th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Parex Resources currently has an average rating of “Buy” and an average target price of C$31.61.

Parex Resources stock traded up C$0.62 during mid-day trading on Thursday, reaching C$25.55. 225,170 shares of the company were exchanged, compared to its average volume of 543,083. The business has a fifty day moving average of C$20.76 and a 200 day moving average of C$21.25. The company has a debt-to-equity ratio of 0.16, a quick ratio of 3.21 and a current ratio of 3.29. The firm has a market cap of C$3.16 billion and a P/E ratio of 12.16. Parex Resources has a 12-month low of C$12.05 and a 12-month high of C$25.60.

Parex Resources (TSE:PXT) last posted its earnings results on Wednesday, August 4th. The company reported C$0.88 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.69 by C$0.19. The company had revenue of C$303.87 million for the quarter. Sell-side analysts predict that Parex Resources will post 4.4899995 EPS for the current year.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 2,323,941 gross acres. As of December 31, 2020, it had proved plus probable reserves of 194,491 million barrels of oil equivalent.

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Analyst Recommendations for Parex Resources (TSE:PXT)

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