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PXT Parex Resources Kept at Buy at BMO as Colombia to Honor Current Production Contracts; Price Target Raised to C$33.00 Wednesday, February 01, 2023 04:24:07 PM (GMT) 11:24 AM EST, 02/01/2023 (MT Newswires) -- BMO Capital Markets on Wednesday reiterated its outperform rating on the shares of Parex Resources (PXT.TO) while raising its price target to C$33.00 from C$30.00 after Colombia issued plans to move away from issuing new oil and gas contracts while confirming the contracts of existing producers like Parex. "With political and fiscal clarity in Colombia moving forward, we turn our attention to the catalyst-rich 2023 drilling program, which includes three very high impact exploration wells. This report details the timing, upside, and risks associated with these prospects, which have combined NPV exposure of nearly C$15.00/sh. With operational momentum and near-term transformational potential, we maintain our Outperform rating with an increased target price of $33.00 (from $30.00)," analyst Matt Murphy wrote. (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us) Price: 22.57, Change: -0.08, Percent Change: -0.35 http://www.mtnewswires.com Copyright © 2023 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited. Countries: Canada Industries: Oil and Gas Primary Identifiers: PXT-CA Regions: North America Subjects: Analyst Rating Change, Price Target Only, Equities, Stock Price Down |
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