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PARXF - Overbaked Perception Of Risk Leaves Parex Deeply Undervalued
Parex Resources Inc
At the start of January 2020, I penned an article outlining why intermediate oil explorer and producer Parex Resources (PARXF) is my top oil stock for 2020. Since then the outlook for the global economy and oil has soured significantly because of the coronavirus pandemic and emergence of an oil price war between Saudi Arabia and Russia.
This is having a material impact on oil prices, despite Moscow and Riyadh patching up their differences. During April 2020 Brent plunged to prices not seen since 1999 and despite rallying substantially over the last two