Mackie Research Updates Coverage and Buy Recommendation on Parex Resources (TSX:PXT) - Video Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 14, 2013 - Investment firm Mackie Research has
updated coverage on Parex Resources (TSX:PXT). Following news from the company,
which included the closing of an acquisition and recent drilling success,
analyst Bill Newman reiterated his buy recommendation and 12-month target price
of $9.75, a premium of 128% over the $4.28 price the day the report was issued.
InvestmentPitch.com has produced a "video news alert" based on this report. If
this link is not enabled, please visit www.InvestmentPitch.com and enter "Parex"
in the search box.
Headquartered in Calgary,Parex, through direct and indirect subsidiaries, is
engaged in oil and natural gas exploration, development and production in South
America and the Caribbean region.
Parex is conducting exploration activities on its 1,349,000 gross acre holdings
primarily in the Llanos Basin of Colombia and 219,000 gross acre holdings
onshore Trinidad
The company announced that it has increased its working interest in the
Cabrestero block from 50% to 100% for cash consideration of $12.5 million.
"So far in 2013 we've had two significant discoveries, two material field
extensions and continued strong performance on our Kona field. Over the next 2
months we will conduct extended production tests on the new wells to help us
evaluate the potential reserves impact and based on that we'll set out our
remaining year 2013 production strategy and our first pass at the 2014 capex and
production budgets", commented Wayne Foo, President and CEO.
The company expects that its second quarter 2013 production to be 15,000 to
15,500 barrels of oil per day.
For more detailed information on the numerous projects please refer to the
company's news release of June 10th.
Analyst Bill Newman stated, "Given Parex's recent exploration success, we are
confident that the company will increase its production guidance. We maintain
our BUY recommendation on Parex's active drill program and the potential for
production and reserve growth."
The shares are currently trading at $4.40, and with 108 million shares
outstanding, the company is capitalized at $4.75 million. As we stated, this is
well below Mackie Research's target price of $9.75.
For more information, please visit the company's website www.ParexResources.com
or contact Mike Kruchten VP Corporate Planning and Investor Relations at
403-517-1733 or email investor.relations(at)ParexResources.com.
For more information about Mackie Research or to obtain the report on Parex
Resources, contact your nearest Mackie Research office. Their branches are
listed on their website at www.mackieresearch.com.
About InvestmentPitch
InvestmentPitch.com, a multimedia company that provides a combined solution for
creating and hosting financial video content, and distributing it across
multiple platforms to investors and financial professionals, specializes in
producing three minute videos based on news releases and research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1709744]
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2013 - 01:34 Uhr
Sprache: Deutsch
News-ID 269974
Anzahl Zeichen: 3970
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 414 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Mackie Research Updates Coverage and Buy Recommendation on Parex Resources (TSX:PXT) - Video Posted on InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
