The Globe and Mail reports in its Thursday, Jan. 18, edition that Stifel analyst Cody Kwong has reiterated his "buy" recommendation for Parex Resources. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwong gave his share target a $4.75 trim to $32.75. Analysts on average target the shares at $35.98. Mr. Kwong says in a note: "Parex's latest update detailed 4Q23 results and a 2024 budget that we would characterize as disappointing. The most surprising element of this update is that the disappointment surrounded its base development program, and not its exploration efforts which had been deemed higher risk. In fact, its 'Big E' exploration well at Arauca-8 yielded a successful result, with two of four tested zones seeing peak rates of 6,200 boe/d [barrels of oil equivalent per day] (87-per-cent oil) and 2,500 boe/d (42-per-cent condensate). ... While the overtly negative market reaction comes as no surprise to us, we think the downside is likely moderated by the stock's relatively low valuation, growth prospects, and FCF return profile that continues to screen better than peers, and by the possibility of production outperformance with the recent exploration success."