GMP FirstEnergy Remains a Buy on Parex Resources (PXT)

Parex Resources (PXTResearch Report), the Materials sector company, was revisited by a Wall Street analyst on February 11. The company received a Buy on February 11 from GMP FirstEnergy’s analyst Cody Kwong, with a C$28.50 price target.

According to TipRanks.com, Kwong ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -30.4% and a 16.4% success rate. Kwong covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Parex Resources Inc, and Gran Tierra Energy.

Currently, the analyst consensus on Parex Resources is a Moderate Buy with an average price target of C$28.

Based on Parex Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$116 million. In comparison, last year the company had a net profit of C$71.09 million.

Parex Resources, Inc. operates as an oil and gas company, which engages in the exploration, development and production of crude oil in Colombia. Its operating reserves include, Llanos, and lower and middle Magdalena. The company was founded on August 17, 2009 and is headquartered in Calgary, Canada.

The company’s shares closed on Wednesday at C$19.25.

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