FY2017 EPS Estimates for Parex Resources Inc. Raised by Cormark (PXT)

Parex Resources Inc. (TSE:PXT) – Investment analysts at Cormark raised their FY2017 EPS estimates for shares of Parex Resources in a research report issued to clients and investors on Thursday. Cormark analyst G. Ursu now forecasts that the company will earn $1.13 per share for the year, up from their prior forecast of $0.98. Cormark also issued estimates for Parex Resources’ Q4 2017 earnings at $0.34 EPS, Q1 2018 earnings at $0.35 EPS, Q2 2018 earnings at $0.36 EPS, Q3 2018 earnings at $0.39 EPS, Q4 2018 earnings at $0.40 EPS, FY2018 earnings at $1.50 EPS and FY2019 earnings at $1.94 EPS.

A number of other equities analysts also recently commented on the stock. Eight Capital upped their price objective on shares of Parex Resources from C$23.00 to C$30.00 in a research report on Monday, December 11th. Scotiabank set a C$27.00 price objective on shares of Parex Resources and gave the stock a “focus stock” rating in a research report on Thursday. Finally, Royal Bank of Canada upped their price objective on shares of Parex Resources from C$20.00 to C$24.00 and gave the stock an “outperform” rating in a research report on Friday, November 10th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Parex Resources currently has a consensus rating of “Buy” and an average target price of C$23.56.

Shares of Parex Resources (PXT) opened at C$18.98 on Friday. Parex Resources has a 12-month low of C$12.19 and a 12-month high of C$19.16. The company has a market cap of $2,960.00, a price-to-earnings ratio of 46.29 and a beta of 0.63.

In other Parex Resources news, Director Paul David Wright sold 10,000 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of C$18.03, for a total transaction of C$180,300.00. Also, insider Michael Kruchten sold 3,842 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of C$17.96, for a total transaction of C$69,002.32. In the last 90 days, insiders have sold 18,842 shares of company stock valued at $338,802.

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About Parex Resources

Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.

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