Paramount Resources (OTCMKTS:PRMRF) Reaches New 12-Month High Following Analyst Upgrade

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) reached a new 52-week high on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $24.82 and last traded at $24.82, with a volume of 4,533 shares. The stock had previously closed at $24.28.

A number of other analysts also recently commented on PRMRF. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Paramount Resources in a report on Friday, October 9th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a report on Friday, August 7th. Raymond James Financial restated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, September 16th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Paramount Resources in a report on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy”.

Paramount Resources Price Performance

The firm’s fifty day moving average is $22.82 and its 200 day moving average is $21.08. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 43.65 and a beta of 0.87.

Paramount Resources (OTCMKTS:PRMRF) last released its earnings results on Thursday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping 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%. Equities research analysts forecast that Paramount Resources Ltd. will post 1.28 EPS for the current fiscal year.

About Paramount Resources

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

Paramount’s operations are concentrated in Alberta, including the Grande Prairie and Kaybob areas. Its activities generally include drilling wells, developing and operating production infrastructure, and processing and marketing hydrocarbons produced from its resource properties.

Founded in 1976, Paramount Resources has grown into an established Canadian exploration and production company.