Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Still a Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $22.53, but opened at $23.58. Paramount Resources shares last traded at $23.61, with a volume of 1,056 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Zacks Research cut Paramount Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paramount Resources in a report on Friday, August 7th. Raymond James Financial reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, September 16th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Paramount Resources in a research report on Friday. Finally, Scotiabank reiterated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Performance

The stock’s 50-day simple moving average is $22.41 and its 200-day simple moving average is $21.51. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 41.33 and a beta of 0.87.

Paramount Resources (OTCMKTS:PRMRF) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The company had revenue of $183.53 million during the quarter, compared to the consensus estimate of $151.36 million. Paramount Resources had a net margin of 12.52% and a return on equity of 4.31%. On average, equities research analysts forecast that Paramount Resources Ltd. will post 1.08 earnings per share for the current year.

Paramount Resources Company Profile

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. The company focuses on developing unconventional petroleum resources and operates primarily in Alberta, Canada.

Paramount’s principal operating areas have included the Grande Prairie and Kaybob regions, where it holds prospective oil and liquids-rich natural gas properties. Its activities include drilling and completing wells, operating production facilities, and managing infrastructure used to gather and process hydrocarbons.

Founded in 1978, Paramount Resources has grown through exploration, development and strategic acquisitions, including the purchase of Apache Corporation’s Canadian oil and gas assets in 2017.