In a new note to investors on May 9, an analyst has provided a rating update for Parex Resources (PXT). GMP FirstEnergy’s analyst Cody Kwong reiterates their Buy rating on the shares, with a C$31 price target.
According to TipRanks.com, Kwong is ranked 0 out of 5 stars with an average return of -19.9% and a 26.3% success rate. Kwong covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum Ltd, Obsidian Energy Ltd, and Parex Resources Inc.
Parex Resources has an analyst consensus of Moderate Buy, with a price target consensus of C$30, a 36.9% upside from current levels. In a report issued on April 29, Scotiabank also reiterated a Buy rating on the stock with a C$29 price target.
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Based on Parex Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$109 million. In comparison, last year the company had a net profit of C$90.45 million.
Parex Resources, Inc. engages in the exploration, development, and production of crude oil. Its operates thorough the Canada and Colombia geographical segments. 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 Monday at C$21.91.
