Paramount Resources (OTCMKTS:PRMRF) Hits New 1-Year High – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF) hit a new 52-week high on Wednesday . The company traded as high as $24.21 and last traded at $24.17, with a volume of 18538 shares traded. The stock had previously closed at $23.57.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Roth Mkm raised Paramount Resources to a “strong-buy” rating in a research report on Wednesday, March 4th. Scotiabank restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, January 21st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, May 13th. ATB Cormark Capital Markets cut shares of Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, March 3rd. Finally, Zacks Research upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Paramount Resources currently has an average rating of “Buy”.

Paramount Resources Stock Up 2.5%

The firm has a 50-day moving average price of $21.30 and a 200 day moving average price of $19.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.77 and a quick ratio of 3.77. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 92.97 and a beta of 0.64.

Paramount Resources (OTCMKTS:PRMRF) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The business had revenue of $164.35 million during the quarter, compared to analysts’ expectations of $119.34 million. Paramount Resources had a return on equity of 2.00% and a net margin of 6.65%. Sell-side analysts predict that Paramount Resources Ltd. will post 1.06 EPS for the current year.

About Paramount Resources

Paramount Resources Ltd. is a Calgary, Alberta–based energy company engaged in the exploration, development and production of conventional and unconventional oil and natural gas resources. The company’s operations span acquisition of acreage, drilling and completion activities, reservoir optimization and production marketing, with a focus on upstream activities. Paramount also holds a portfolio of royalty interests that generate recurring cash flows from production by third parties.

Paramount’s core operating regions are located within the Western Canadian Sedimentary Basin, primarily in Alberta and northeastern British Columbia.