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BMO Capital Reaffirms Their Buy Rating on Parex Resources (PARXF)

BMO Capital analyst Mike Murphy CFA maintained a Buy rating on Parex Resources (PARXFResearch Report) today and set a price target of $36.00. The company’s shares closed last Wednesday at $22.90, close to its 52-week high of $23.14.

According to TipRanks.com, CFA is a 5-star analyst with an average return of 25.9% and a 74.5% success rate. CFA covers the Utilities sector, focusing on stocks such as Gran Tierra Energy, Advantage Energy, and Frontera Energy.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Parex Resources with a $30.39 average price target, a 32.7% upside from current levels. In a report issued on February 15, RBC Capital also maintained a Buy rating on the stock with a C$35.00 price target.

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Based on Parex Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $272 million and net profit of $67.94 million. In comparison, last year the company earned revenue of $146 million and had a net profit of $27.62 million.

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PARXF in relation to earlier this year.

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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.

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