Royal Bank Of Canada Issues Pessimistic Forecast for Parex Resources (TSE:PXT) Stock Price

Parex Resources (TSE:PXT) had its price target cut by Royal Bank Of Canada from C$21.00 to C$20.00 in a report issued on Tuesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 6.78% from the company’s previous close.

Several other analysts have also issued reports on the stock. Roth Capital set a C$24.00 price objective on shares of Parex Resources and gave the company a “buy” rating in a report on Friday, December 12th. Scotiabank boosted their price target on shares of Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and upped their price objective for the stock from C$16.00 to C$20.00 in a report on Monday, September 15th. Finally, Jefferies Financial Group boosted their target price on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$20.90.

Parex Resources Stock Performance

TSE PXT traded up C$0.44 during mid-day trading on Tuesday, reaching C$18.73. 402,621 shares of the stock were exchanged, compared to its average volume of 550,612. The company has a market capitalization of C$1.83 billion, a P/E ratio of 15.87, a P/E/G ratio of 0.21 and a beta of 0.76. 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 business’s 50 day moving average is C$18.27 and its 200-day moving average is C$17.32. Parex Resources has a 1 year low of C$10.30 and a 1 year high of C$19.81.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported C$0.52 earnings per share (EPS) for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The business had revenue of C$311.63 million for the quarter.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.