Parex Resources Inc.

PXT-T

Analysis and Opinions about PXT-T

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Opinion
Expert
COMMENT
COMMENT
July 17, 2019

Gran Tierra (GTE-T) vs Parex Resources (PXT-T). A tale of comparing two brothers. Both are in South America with Columbian core assets. Parex being a pure play vs Gran Tierra having ventured into Peru and Brazil and have exited these areas and now looking at Mexico and so forth. Prefers Parex as a South American play, very consistant. Gran Tierra has had its misteps, still has very good core Columbian assets.

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Gran Tierra (GTE-T) vs Parex Resources (PXT-T). A tale of comparing two brothers. Both are in South America with Columbian core assets. Parex being a pure play vs Gran Tierra having ventured into Peru and Brazil and have exited these areas and now looking at Mexico and so forth. Prefers Parex as a South American play, very consistant. Gran Tierra has had its misteps, still has very good core Columbian assets.

PAST TOP PICK
PAST TOP PICK
July 11, 2019
(A Top Pick Aug 01/18, Down 7%) They did a failed assets sale last year at the wrong time when oil markets peaked then slid. They received lousy bids. It's still a great growth story with a good drill program. They're operating in Colombia, so they get international pricing, not low Canadian. They are buying back a lot of shares. He's happy holding this for the long term.
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(A Top Pick Aug 01/18, Down 7%) They did a failed assets sale last year at the wrong time when oil markets peaked then slid. They received lousy bids. It's still a great growth story with a good drill program. They're operating in Colombia, so they get international pricing, not low Canadian. They are buying back a lot of shares. He's happy holding this for the long term.
WATCH
WATCH
May 31, 2019

They have ended their strategy view and have decided to not sell the company. They thought is was worth $30 per share. It has cheap metrics and receives Brent pricing for its oil. They had a dry hole recently, which prompted them to exit their holding.

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They have ended their strategy view and have decided to not sell the company. They thought is was worth $30 per share. It has cheap metrics and receives Brent pricing for its oil. They had a dry hole recently, which prompted them to exit their holding.

BUY
BUY
May 29, 2019

It is one of two energy holdings he still has. It operates exclusively in Colombia. It trades at 4.5 times cash flow. It is doing a share buyback, which he likes. There is still lots of growth opportunity. They are virtually debt free.

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It is one of two energy holdings he still has. It operates exclusively in Colombia. It trades at 4.5 times cash flow. It is doing a share buyback, which he likes. There is still lots of growth opportunity. They are virtually debt free.

BUY
BUY
May 10, 2019
A previous Top Pick. It had suffered during their sell off process that went no where. They are not subject to the same issues as domestic producers -- getting high netbacks based on Brent oil prices. The one knock is that their reserve life is a shorter compared to their peers. He would still look to add to any position. (Analysts’ price target is $30.83)
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A previous Top Pick. It had suffered during their sell off process that went no where. They are not subject to the same issues as domestic producers -- getting high netbacks based on Brent oil prices. The one knock is that their reserve life is a shorter compared to their peers. He would still look to add to any position. (Analysts’ price target is $30.83)
PAST TOP PICK
PAST TOP PICK
May 8, 2019
(A Top Pick May 16/18, Down 8%) Had a good report today, though it's been a rollercoaster the past year. Oil prices fell off their peak last summer. Also PXT put itself up for auction at the same time. Not good and it didn't work. Earnings reported today up 18% and production 26%. High cash flow and margins and bought back shares the last quarter. Better days are ahead and he likes it.
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(A Top Pick May 16/18, Down 8%) Had a good report today, though it's been a rollercoaster the past year. Oil prices fell off their peak last summer. Also PXT put itself up for auction at the same time. Not good and it didn't work. Earnings reported today up 18% and production 26%. High cash flow and margins and bought back shares the last quarter. Better days are ahead and he likes it.
HOLD
HOLD
April 26, 2019
Issues in Russia? There is a contamination issue with their oil in Russia. He thinks it will be resolved. They are growing production and buying back stock out of free cash-flow -- he likes that. A well run company, that he took profit with a while ago. He would continue to hold it if you do, but he sees better opportunity for new money.
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Issues in Russia? There is a contamination issue with their oil in Russia. He thinks it will be resolved. They are growing production and buying back stock out of free cash-flow -- he likes that. A well run company, that he took profit with a while ago. He would continue to hold it if you do, but he sees better opportunity for new money.
DON'T BUY
DON'T BUY
April 11, 2019

With the differential in Calgary these guys performed well due to South American assets. They don't have the same pipeline issues. The concern is where their future growth is going to come from. You can get better value in Canadian names that have been beat up.

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With the differential in Calgary these guys performed well due to South American assets. They don't have the same pipeline issues. The concern is where their future growth is going to come from. You can get better value in Canadian names that have been beat up.

BUY
BUY
April 11, 2019
Likes it, but admits it's had a wild ride in the past 12 months. It's a midcap growth company that growing earnings and cash flow, which has been elusive in Alberta. They actually operate in Colombia, producing 25% more oil in the past year. 2018's stock turbulence was due to a failed auction--didn't get any company bids they liked, so investors fled. It's now dramatically undervalued. Great growth to come. Colombia's political risk has waned. vs. CNQ, the comparison is unfair, because PXT is much smaller, but the point is access to markets to Colombia is key.
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Likes it, but admits it's had a wild ride in the past 12 months. It's a midcap growth company that growing earnings and cash flow, which has been elusive in Alberta. They actually operate in Colombia, producing 25% more oil in the past year. 2018's stock turbulence was due to a failed auction--didn't get any company bids they liked, so investors fled. It's now dramatically undervalued. Great growth to come. Colombia's political risk has waned. vs. CNQ, the comparison is unfair, because PXT is much smaller, but the point is access to markets to Colombia is key.
BUY
BUY
April 9, 2019

It is testing recent highs of Oct. 2018 and could break out. As for WTI oil, it could hit $80-90, but expects strong resistance at $66. He's bearish commodities. It's okay to hold oil now to the summer, then peel back your holdings.

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It is testing recent highs of Oct. 2018 and could break out. As for WTI oil, it could hit $80-90, but expects strong resistance at $66. He's bearish commodities. It's okay to hold oil now to the summer, then peel back your holdings.

BUY
BUY
March 13, 2019
He's liked this for a long time; it's his biggest Canadian holding. They struggled a little in latter-2018, failing to sell Colombian assets. They took that off the market in December 2018. They've been aggressively buying back their stock and will continue to this year until that Colombian bid runs out. Trading at 3x cash flow. They still have excellent exploration properties. Well-managed. A cheap stock.
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He's liked this for a long time; it's his biggest Canadian holding. They struggled a little in latter-2018, failing to sell Colombian assets. They took that off the market in December 2018. They've been aggressively buying back their stock and will continue to this year until that Colombian bid runs out. Trading at 3x cash flow. They still have excellent exploration properties. Well-managed. A cheap stock.
BUY
BUY
February 26, 2019
Likes it, though it had a big plunge late last year, reflecting a weak commodity price. PXT also blundered by putting itself up for sale without having an intial stalking horse bid first. Otherwise, it's business as usual with profitable and quickly growing oil production in Colombia at 50,000 barrels of oil a day. CPX makes 25-30% ROE, because they sell at international oil prices, not the lower WCS. He expects PXT to push through old highs. He's bullish.
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Likes it, though it had a big plunge late last year, reflecting a weak commodity price. PXT also blundered by putting itself up for sale without having an intial stalking horse bid first. Otherwise, it's business as usual with profitable and quickly growing oil production in Colombia at 50,000 barrels of oil a day. CPX makes 25-30% ROE, because they sell at international oil prices, not the lower WCS. He expects PXT to push through old highs. He's bullish.
HOLD
HOLD
February 20, 2019
They produce oil in Colombia. He likes the balance sheet and the production growth. Management is educated in the region. He thinks this is a good holding for the energy space. They may be a good take out target in the future.
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They produce oil in Colombia. He likes the balance sheet and the production growth. Management is educated in the region. He thinks this is a good holding for the energy space. They may be a good take out target in the future.
PAST TOP PICK
PAST TOP PICK
February 14, 2019
(A Top Pick Jan 18/18, Up 1%) It is cheap with a great balance sheet so the reason for buying it still holds. They failed to sell a portion of their business. They have a fair bit of exploration targets and they get Brent pricing.
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(A Top Pick Jan 18/18, Up 1%) It is cheap with a great balance sheet so the reason for buying it still holds. They failed to sell a portion of their business. They have a fair bit of exploration targets and they get Brent pricing.
PARTIAL BUY
PARTIAL BUY
February 4, 2019
It has had less of a move than others. $20 is critical. We need to see it get through this resistance. If it does we could easily get to $26. You could buy half now and the other half when it gets through $20. It is seasonally positive right now. (Analysts’ price target is $28.58)
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It has had less of a move than others. $20 is critical. We need to see it get through this resistance. If it does we could easily get to $26. You could buy half now and the other half when it gets through $20. It is seasonally positive right now. (Analysts’ price target is $28.58)
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