The stock of Parex Resources Inc. (TSE:PXT) hit a new 52-week high and has $18.89 target or 4.00% above today’s $18.16 share price. The 6 months bullish chart indicates low risk for the $3.08 billion company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $18.89 price target is reached, the company will be worth $123.20M 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 323,017 shares traded hands or 0.64% up from the average. Parex Resources Inc. (TSE:PXT) has risen 44.36% since April 27, 2016 and is uptrending. It has outperformed by 38.44% 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 $16.58 average target is -8.70% below today’s ($18.16) stock price. Parex Resources Inc. has been the topic of 27 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The stock of Parex Resources Inc. (TSE:PXT) earned “Buy” rating by TD Securities on Thursday, February 18. The rating was maintained by FirstEnergy Capital on Friday, September 9 with “Outperform”. The rating was maintained by Scotia Capital on Friday, August 12 with “Outperform”. The rating was maintained by Scotia Capital with “Outperform” on Wednesday, August 5. On Friday, July 8 the stock rating was maintained by Scotia Capital with “Outperform”. The firm has “Buy” rating by Paradigm Research given on Tuesday, August 25. TD Securities maintained the shares of PXT in a report on Friday, August 12 with “Hold” rating.
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 $3.08 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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