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Investing.com - BMO Capital upgraded Parex Resources Inc. (TSX:PXT) (OTC:PARXF) from Market Perform to Outperform on Monday, while raising its price target to C$20.00 from C$16.00.
The upgrade comes as BMO Capital sees Parex approaching an "inflection point" despite the historical challenges Canadian exploration and production companies have faced in Colombia, including regulatory hurdles, exploration difficulties, and social unrest.
BMO Capital noted that Parex has successfully revamped its strategy and delivered "low-risk operational success in recent quarters" despite investor hesitation toward Colombian operations.
The firm cited improving sentiment and pending catalysts as factors that could drive a valuation re-rating for the oil and gas producer.
This marks a significant change in BMO Capital’s outlook on Parex, as the firm had maintained a Market Perform rating on the stock for the past year.
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