Parex Resources Stock Market Value
| PXT Stock | CAD 13.75 0.22 1.63% |
| Symbol | Parex |
Parex Resources Price To Book Ratio
Parex Resources 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Parex Resources' stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Parex Resources.
| 11/16/2024 |
| 12/16/2024 |
If you would invest 0.00 in Parex Resources on November 16, 2024 and sell it all today you would earn a total of 0.00 from holding Parex Resources or generate 0.0% return on investment in Parex Resources over 30 days. Parex Resources is related to or competes with Tourmaline Oil, PrairieSky Royalty, ARC Resources, and MEG Energy. Parex Resources Inc. engages in the exploration, development, production of oil and natural gas in Colombia More
Parex Resources Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Parex Resources' stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Parex Resources upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.17 | |||
| Information Ratio | 0.0775 | |||
| Maximum Drawdown | 13.63 | |||
| Value At Risk | (3.03) | |||
| Potential Upside | 2.91 |
Parex Resources Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Parex Resources' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Parex Resources' standard deviation. In reality, there are many statistical measures that can use Parex Resources historical prices to predict the future Parex Resources' volatility.| Risk Adjusted Performance | 0.0966 | |||
| Jensen Alpha | 0.2577 | |||
| Total Risk Alpha | (0.01) | |||
| Sortino Ratio | 0.0765 | |||
| Treynor Ratio | (18.18) |
Parex Resources Backtested Returns
Parex Resources appears to be not too volatile, given 3 months investment horizon. Parex Resources maintains Sharpe Ratio (i.e., Efficiency) of 0.11, which implies the firm had a 0.11% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Parex Resources, which you can use to evaluate the volatility of the company. Please evaluate Parex Resources' Coefficient Of Variation of 805.78, semi deviation of 1.9, and Risk Adjusted Performance of 0.0966 to confirm if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Parex Resources holds a performance score of 8. The company holds a Beta of -0.0141, which implies not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Parex Resources are expected to decrease at a much lower rate. During the bear market, Parex Resources is likely to outperform the market. Please check Parex Resources' expected short fall, and the relationship between the value at risk and daily balance of power , to make a quick decision on whether Parex Resources' historical price patterns will revert.
Auto-correlation | 0.11 |
Insignificant predictability
Parex Resources has insignificant predictability. Overlapping area represents the amount of predictability between Parex Resources time series from 16th of November 2024 to 1st of December 2024 and 1st of December 2024 to 16th of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Parex Resources price movement. The serial correlation of 0.11 indicates that less than 11.0% of current Parex Resources price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.11 | |
| Spearman Rank Test | -0.16 | |
| Residual Average | 0.0 | |
| Price Variance | 0.29 |
Parex Resources lagged returns against current returns
Autocorrelation, which is Parex Resources stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Parex Resources' stock expected returns. We can calculate the autocorrelation of Parex Resources returns to help us make a trade decision. For example, suppose you find that Parex Resources has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Parex Resources regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Parex Resources stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Parex Resources stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Parex Resources stock over time.
Current vs Lagged Prices |
| Timeline |
Parex Resources Lagged Returns
When evaluating Parex Resources' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Parex Resources stock have on its future price. Parex Resources autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Parex Resources autocorrelation shows the relationship between Parex Resources stock current value and its past values and can show if there is a momentum factor associated with investing in Parex Resources.
Regressed Prices |
| Timeline |
Pair Trading with Parex Resources
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Parex Resources position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Parex Resources will appreciate offsetting losses from the drop in the long position's value.Moving together with Parex Stock
Moving against Parex Stock
| 0.85 | ARA | Aclara Resources | PairCorr |
| 0.73 | RCI-A | Rogers Communications | PairCorr |
| 0.62 | CCL-A | CCL Industries | PairCorr |
| 0.45 | SAGE | Sage Potash Corp | PairCorr |
The ability to find closely correlated positions to Parex Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Parex Resources when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Parex Resources - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Parex Resources to buy it.
The correlation of Parex Resources is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Parex Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Parex Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Parex Resources can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Parex Stock
Parex Resources financial ratios help investors to determine whether Parex Stock is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Parex with respect to the benefits of owning Parex Resources security.