Paramount Resources (OTCMKTS:PRMRF) Hits New 52-Week High – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $19.4363 and last traded at $19.4363, with a volume of 11615 shares. The stock had previously closed at $18.95.

Wall Street Analyst Weigh In

Several research firms have recently commented on PRMRF. Scotiabank restated an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, November 5th. Finally, Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Thursday, January 15th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Paramount Resources presently has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The company has a 50-day moving average of $17.95 and a 200-day moving average of $16.75. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 3.02 and a beta of 0.80.

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.