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Parex Resources Gets a Buy Rating from RBC Capital


In a new note to investors on July 9, an analyst has provided a rating update for the Materials sector company, Parex Resources (TSX: PXT). RBC Capital’s analyst Nathan Piper reiterates their Buy rating on the shares, with a C$28 price target.

Piper has an average return of 45.5% when recommending Parex Resources.

According to TipRanks.com, Piper is ranked #1440 out of 4842 analysts.

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The word on The Street in general, suggests a Strong Buy analyst consensus rating for Parex Resources with a C$29.88 average price target, which is a 18.6% upside from current levels. In a report issued on June 26, Canaccord Genuity also reiterated a Buy rating on the stock with a C$27 price target.

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The company has a one-year high of C$25.70 and a one-year low of C$12.19. Currently, Parex Resources has an average volume of 564.2K.

Parex Resources, Inc. operates as an oil and gas company, which engages in the exploration, development and production of crude oil in Colombia. Its operating reserves include, Llanos, and lower and middle Magdalena. The company was founded on August 17, 2009 and is headquartered in Calgary, Canada.

The company’s shares closed on Friday at C$25.20, close to its 52-week high of C$25.70.