Cormark Comments on Parex Resources’ Q2 2018 Earnings (PXT)

Parex Resources (TSE:PXT) – Equities researchers at Cormark issued their Q2 2018 earnings estimates for shares of Parex Resources in a note issued to investors on Wednesday, June 27th. Cormark analyst G. Ursu anticipates that the company will post earnings of $1.53 per share for the quarter. Cormark also issued estimates for Parex Resources’ Q3 2018 earnings at $0.64 EPS, Q4 2018 earnings at $0.69 EPS, FY2018 earnings at $3.45 EPS and FY2019 earnings at $2.98 EPS.

Parex Resources (TSE:PXT) last released its earnings results on Tuesday, May 8th. The company reported C$0.58 earnings per share for the quarter, beating the consensus estimate of C$0.48 by C$0.10. The business had revenue of C$255.92 million for the quarter, compared to the consensus estimate of C$264.90 million. Parex Resources had a return on equity of 26.07% and a net margin of 30.38%.

Several other equities research analysts have also recently commented on the company. Scotiabank reaffirmed a “focus stock” rating and issued a C$30.00 price target on shares of Parex Resources in a report on Wednesday, May 9th. Canaccord Genuity increased their price target on Parex Resources from C$24.00 to C$25.00 in a report on Wednesday, April 11th. GMP Securities increased their price target on Parex Resources from C$30.00 to C$31.00 in a report on Wednesday, May 9th. Finally, CIBC increased their price target on Parex Resources from C$25.00 to C$30.00 in a report on Friday, May 18th.

TSE PXT opened at C$24.42 on Friday. Parex Resources has a 1-year low of C$12.19 and a 1-year high of C$25.70.

In other Parex Resources news, insider Leo Nicholas Distefano sold 16,218 shares of the firm’s stock in a transaction on Monday, April 9th. The stock was sold at an average price of C$18.75, for a total transaction of C$304,087.50. Also, insider Wayne Kim Foo sold 65,000 shares of the firm’s stock in a transaction on Thursday, April 12th. The stock was sold at an average price of C$19.77, for a total value of C$1,285,050.00. In the last ninety days, insiders sold 652,745 shares of company stock valued at $14,546,767.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 1,574,279 gross acres. As of December 31, 2017, it had proved plus probable reserves of 162.236 million barrels of oil equivalent.

Earnings History and Estimates for Parex Resources (TSE:PXT)

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