CIBC Raises Paramount Resources (TSE:POU) Price Target to C$38.00

Paramount Resources (TSE:POU) had its price objective boosted by research analysts at CIBC from C$37.00 to C$38.00 in a research report issued on Monday, BayStreet.CA reports. CIBC’s price objective points to a potential upside of 19.38% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada upped their price target on shares of Paramount Resources from C$34.00 to C$36.00 and gave the company a “sector perform” rating in a research note on Friday, May 3rd. BMO Capital Markets raised their price target on Paramount Resources from C$38.50 to C$40.00 in a report on Wednesday, July 3rd. Scotiabank boosted their price objective on Paramount Resources from C$42.00 to C$43.00 in a research note on Friday. National Bankshares raised their target price on Paramount Resources from C$37.50 to C$40.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Finally, Stifel Nicolaus lifted their target price on Paramount Resources from C$36.00 to C$37.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Paramount Resources has an average rating of “Moderate Buy” and an average price target of C$37.45.

Paramount Resources Stock Performance

TSE:POU traded up C$0.14 during trading hours on Monday, reaching C$31.83. The stock had a trading volume of 52,485 shares, compared to its average volume of 238,332. The stock has a market cap of C$4.65 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 0.14 and a beta of 3.19. The stock has a 50 day simple moving average of C$31.66 and a 200 day simple moving average of C$29.07. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.68 and a current ratio of 0.67. Paramount Resources has a 12-month low of C$24.59 and a 12-month high of C$33.80.

Paramount Resources (TSE:POU) last announced its quarterly earnings data on Thursday, May 2nd. The company reported C$0.46 earnings per share for the quarter, missing the consensus estimate of C$0.59 by C($0.13). The firm had revenue of C$452.30 million during the quarter, compared to analysts’ expectations of C$415.00 million. Paramount Resources had a return on equity of 9.92% and a net margin of 19.97%. On average, research analysts forecast that Paramount Resources will post 1.8292264 EPS for the current fiscal year.

Insider Buying and Selling at Paramount Resources

In other news, Senior Officer Mark Gordon Franko sold 8,000 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of C$32.20, for a total value of C$257,600.00. In other Paramount Resources news, Senior Officer Rodrigo Sousa sold 10,000 shares of Paramount Resources stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of C$32.70, for a total transaction of C$327,014.00. Also, Senior Officer Mark Gordon Franko sold 8,000 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of C$32.20, for a total transaction of C$257,600.00. Insiders sold a total of 85,661 shares of company stock worth $2,750,991 over the last three months. 45.57% of the stock is owned by insiders.

About Paramount Resources

Paramount Resources Ltd. explores for and develops conventional and unconventional petroleum and natural gas reserves and resources in Canada. The company holds interests in the Karr and Wapiti Montney properties covering an area of 109,000 net acres located south of the city of Grande Prairie, Alberta; Kaybob North Duvernay development and natural gas producing properties covering an area of 124,000 net acres located in west-central Alberta; and Willesden Green Duvernay development in central Alberta and shale gas producing properties in the Horn River Basin in northeast British Columbia covering an area of 249,000 net acres.