Parex Resources, $6.81, symbol PXT on Toronto (Shares outstanding: 134.4 million; Market cap: $864.3 million; www.parexresources.com), produces, develops and explores for oil in Colombia and the Caribbean, with a focus on Colombia’s Llanos and Middle Magdalena basins.
In the three months ended September 30, 2014, the company’s production jumped 55.4%, to an average of 25,175 barrels of oil a day from 16,199.
Cash flow rose 28.9%, to $88.7 million from $68.3 million. Cash flow per share gained 11.1%, to $0.70 from $0.63, on more shares outstanding. Parex’s debt of $42.3 million is just 4.9% of its $864.3-million market cap.
The company plans to spend $356 million on exploration and development in 2015, up 21.1% from the $294 million it will likely spend this year. The stock trades at 2.4 times Parex’s forecast 2015 cash flow of $2.78 a share. However, that estimate will drop if oil prices remain below $80 U.S. a barrel for some time.
Operating in Colombia and the Caribbean entails political…
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