Paramount Resources (TSE:POU) Hits New 1-Year High on Insider Buying Activity

Paramount Resources Ltd. (TSE:POU)’s stock price hit a new 52-week high during trading on Thursday following insider buying activity. The stock traded as high as C$31.43 and last traded at C$31.28, with a volume of 124723 shares traded. The stock had previously closed at C$30.59.

Specifically, insider Rodrigo Sousa bought 6,946 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were bought at an average price of C$30.50 per share, for a total transaction of C$211,853.00. Following the completion of the acquisition, the insider directly owned 25,100 shares of the company’s stock, valued at C$765,550. This trade represents a 38.26% increase in their ownership of the stock. Also, insider Rodrigo Sousa purchased 1,058 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average price of C$30.75 per share, for a total transaction of C$32,533.50. Following the completion of the acquisition, the insider directly owned 7,350 shares of the company’s stock, valued at C$226,012.50. This trade represents a 16.82% increase in their position. In other Paramount Resources news, insider Rodrigo Sousa purchased 1,684 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average cost of C$30.60 per share, for a total transaction of C$51,530.40. Following the completion of the acquisition, the insider owned 380,000 shares of the company’s stock, valued at C$11,628,000. The trade was a 0.45% increase in their position.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on POU shares. Raymond James Financial lifted their price target on Paramount Resources from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a report on Wednesday. National Bank Financial lifted their price target on Paramount Resources from C$36.00 to C$38.00 and gave the stock a “sector perform” rating in a report on Wednesday. Scotiabank lifted their price target on Paramount Resources from C$29.00 to C$31.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce lifted their price target on Paramount Resources from C$25.50 to C$30.50 in a report on Wednesday, March 4th. Finally, Roth Mkm set a C$33.00 price target on Paramount Resources and gave the stock a “buy” rating in a report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Paramount Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of C$32.94.

Paramount Resources Stock Up 2.2%

The company has a quick ratio of 0.68, a current ratio of 3.77 and a debt-to-equity ratio of 0.94. The stock has a 50-day simple moving average of C$29.03 and a 200-day simple moving average of C$26.03. The firm has a market capitalization of C$4.53 billion, a PE ratio of 3.56, a P/E/G ratio of 0.14 and a beta of -0.03.

Paramount Resources (TSE:POU) last released its earnings results on Tuesday, May 12th. The company reported C$0.36 earnings per share (EPS) for the quarter. Paramount Resources had a return on equity of 48.07% and a net margin of 129.11%.The business had revenue of C$276.20 million during the quarter. Analysts forecast that Paramount Resources Ltd. will post 1.4075758 EPS for the current year.

Paramount Resources Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 29th will be given a $0.05 dividend. This represents a c) dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, May 15th. Paramount Resources’s dividend payout ratio (DPR) is currently 6.83%.

Paramount Resources Company Profile

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company’s principal properties are located in Alberta and British Columbia. Paramount’s class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.