What Next for Parex Resources Inc. Stock After Reaching 52-Week High?

 What Next for Parex Resources Inc. Stock After Reaching 52 Week High?

The stock of Parex Resources Inc. (TSE:PXT) hit a new 52-week high and has $20.83 target or 20.00% above today’s $17.36 share price. The 6 months bullish chart indicates low risk for the $2.64B company. The 1-year high was reported on Oct, 19 by Barchart.com. If the $20.83 price target is reached, the company will be worth $528.00M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 31,342 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 -7.09% below today’s ($17.36) stock price. Parex Resources Inc. has been the topic of 25 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The stock of Parex Resources Inc. (TSE:PXT) has “Outperform” rating given on Friday, July 8 by Scotia Capital. The rating was maintained by TD Securities with “Hold” on Friday, August 12. The company was maintained on Friday, September 9 by FirstEnergy Capital. The firm earned “Buy” rating on Thursday, February 18 by TD Securities. Scotia Capital maintained Parex Resources Inc. (TSE:PXT) on Friday, August 12 with “Outperform” rating. The firm has “Outperform” rating given on Wednesday, August 5 by Scotia Capital. On Tuesday, August 25 the stock rating was maintained by Paradigm Research with “Buy”.

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 $2.64 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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