In a report released on December 19, Luke Davis from RBC Capital maintained a Buy rating on Parex Resources (PARXF – Research Report), with a price target of C$28.00. The company’s shares closed yesterday at $13.52.
According to TipRanks, Davis is a 5-star analyst with an average return of 29.5% and a 54.73% success rate. Davis covers the Utilities sector, focusing on stocks such as Gran Tierra Energy, Athabasca Oil, and Tamarack Valley Energy.
Currently, the analyst consensus on Parex Resources is a Strong Buy with an average price target of $20.90, which is a 54.59% upside from current levels. In a report released on December 7, BMO Capital also maintained a Buy rating on the stock with a C$32.00 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 $405.37 million and a net profit of $65.63 million. In comparison, last year the company earned a revenue of $272.48 million and had a net profit of $67.94 million
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying 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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