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Parex Resources Inc T.PXT

Alternate Symbol(s):  PARXF

Parex Resources Inc. is a Canada-based independent oil and gas company in Colombia, focusing on sustainable, conventional production. The company is engaged in the business of the exploration, development, production and marketing of oil and natural gas in Colombia. The Company is focused on development in two main basins: Llanos and Magdalena.


TSX:PXT - Post by User

Post by traderlong2on Nov 06, 2024 7:56pm
111 Views
Post# 36300025

Stockwatch tonight

Stockwatch tonight

Further afield, Wayne Foo's Colombian oil producer, Parex Resources Ltd. (PXT), added 74 cents to $13.99 on 1.48 million shares, after it too released its third quarter financials. It had already told investors last month that its production averaged 47,700 barrels a day. Analysts thus predicted cash flow of $1.28 (U.S.) a share, but the actual number came in at a pleasantly surprising $1.50 (U.S.) a share, largely on lower-than-expected taxes. Brightening the mood even further, Parex announced a slightly higher full-year production target (tightening the range to 49,000 to 50,000 barrels a day, rather than 48,000 to 50,000) on a slightly lower budget ($350-million (U.S.) to $370-million (U.S.), rather than $370-million (U.S.) to $390-million (U.S.)). It also kept its generous 38.5-cent quarterly dividend intact (despite the lofty yield of 11 per cent).

Investors were pleased enough to send the stock sniffing around $14 for the first time in more than two months. Longer-term investors, of course, will still be feeling the bruises from the stock's plunge from its 52-week high of over $28. August was particularly brutal, after setbacks at a core field forced Parex to cut its guidance substantially (the original target was 54,000 to 60,000 barrels a day). President and CEO Imad Mohsen, after alluding to this grim period of "lower-than-expected results," affirmed his commitment to "improving results, delivering safe and reliable production, and positioning Parex to outperform." He (wisely) decided to hold off on publishing 2025 guidance until January.

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