Thu Sep 19 05:48:09 UTC 2024: ## Parex Resources (PXT) Stock Target Cut by Royal Bank of Canada

**Calgary, AB – September 19, 2024** – Parex Resources (TSE:PXT), the Colombian oil and gas exploration and production company, saw its price target reduced by Royal Bank of Canada to C$15.00 from C$17.00. This represents a potential upside of 23.97% from the company’s current price.

The move follows a series of price target adjustments from other analysts. Scotiabank lowered their target to C$19.00, while Jefferies Financial Group reduced their target to C$19.50. Cormark also cut their target to C$30.00. Notably, Eight Capital downgraded their rating to “neutral” from “buy” and lowered their price target to C$16.00. Meanwhile, Haywood Securities maintained a “buy” rating but dropped their target to C$25.00.

Currently, three analysts hold a “hold” rating on Parex Resources, while two maintain a “buy” rating. MarketBeat.com data indicates an average “Hold” rating and an average target price of C$25.07.

Parex Resources recently reported C$0.05 earnings per share for the quarter ending July 31st, 2024, on revenue of C$499.23 million. Analysts are predicting 2.6732456 earnings per share for the current fiscal year.

In recent insider transactions, Senior Officer Imad Mohsen purchased 13,100 shares at an average cost of C$13.33 per share. Eric Furlan, another senior officer, acquired 3,000 shares at an average cost of C$11.85 per share. Insiders purchased a total of 54,804 shares of company stock worth $705,285 in the last ninety days, representing 1.64% of the stock.

**Parex Resources Inc. engages in the exploration, development, production, and marketing of oil and natural gas in Colombia.** The company holds significant land positions and exploration blocks in the Llanos and Magdalena Basin regions.

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