Could Parex Resources Inc. See a Reversal After Breaking All Highs?

 Could Parex Resources Inc. See a Reversal After Breaking All Highs?

The stock of Parex Resources Inc. (TSE:PXT) reached all time high today, Oct, 19 and still has $24.88 target or 43.00% above today’s $17.40 share price. This indicates more upside for the $2.65B company. This technical setup was reported by Barchart.com. If the $24.88 PT is reached, the company will be worth $1.14B more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 39,435 shares traded hands. Parex Resources Inc. (TSE:PXT) has risen 57.51% since March 14, 2016 and is uptrending. It has outperformed by 51.97% the S&P500.

Parex Resources Inc. (TSE:PXT) Ratings Coverage

Out of 7 analysts covering Parex Resources Inc. (TSE:PXT), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $20 is the highest target while $10 is the lowest. The $16.13 average target is -7.30% below today’s ($17.4) stock price. Parex Resources Inc. has been the topic of 25 analyst reports since August 5, 2015 according to StockzIntelligence Inc. TD Securities upgraded it to “Buy” rating and $11.50 target price in Thursday, February 18 report. As per Tuesday, August 25, the company rating was maintained by Paradigm Research. On Friday, September 9 the stock rating was maintained by FirstEnergy Capital with “Outperform”. As per Friday, August 12, the company rating was maintained by Scotia Capital. The stock of Parex Resources Inc. (TSE:PXT) earned “Hold” rating by TD Securities on Friday, August 12. The stock of Parex Resources Inc. (TSE:PXT) has “Outperform” rating given on Wednesday, August 5 by Scotia Capital. The stock of Parex Resources Inc. (TSE:PXT) earned “Outperform” rating by Scotia Capital on Friday, July 8.

Another recent and important Parex Resources Inc. (TSE:PXT) news was published by Seekingalpha.com which published an article titled: “Parex Resources: Heavily Undervalued Offering 98% Upside” on May 09, 2016.

Parex Resources, Inc. is a Canada-based gas and oil company. The company has a market cap of $2.65 billion. The Firm is engaged in crude oil exploration, development and production in Colombia. It currently has negative earnings. The Company’s divisions include Canada and Colombia.

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