RBC Capital Reiterates Their Buy Rating on Parex Resources (PXT)


In a new note to investors on June 3, an analyst has provided a rating update for the Materials sector company, Parex Resources (PXT). The company received a Buy on June 3 from RBC Capital’s analyst Al Stanton, with a C$26 price target.

Stanton has an average return of 12.1% when recommending Parex Resources.

According to TipRanks.com, Stanton is ranked #647 out of 5173 analysts.

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Currently, the analyst consensus on Parex Resources is a Strong Buy with an average price target of C$28.67.

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 Wednesday at C$20.98.

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