Short Interest in Parex Resources Inc. (OTCMKTS:PARXF) Declines By 22.2%

Parex Resources Inc. (OTCMKTS:PARXF) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 466,200 shares, a decline of 22.2% from the September 15th total of 599,100 shares. Based on an average trading volume of 15,600 shares, the days-to-cover ratio is presently 29.9 days.

PARXF has been the topic of a number of analyst reports. BMO Capital Markets lifted their price objective on shares of Parex Resources from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Royal Bank of Canada lifted their price objective on shares of Parex Resources from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, August 10th.

Shares of OTCMKTS:PARXF traded up $0.42 during trading on Friday, reaching $11.08. 498 shares of the company traded hands, compared to its average volume of 6,722. The business’s fifty day moving average is $11.88 and its 200-day moving average is $11.64. Parex Resources has a 52-week low of $6.50 and a 52-week high of $19.45.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 2.7 million gross acres. As of December 31, 2019, it had proved plus probable reserves of 198.423 million barrels of oil equivalent.

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