Paramount Resources (OTCMKTS:PRMRF) Sets New 52-Week High – Time to Buy?

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) reached a new 52-week high during trading on Thursday . The stock traded as high as $21.8720 and last traded at $21.66, with a volume of 45609 shares traded. The stock had previously closed at $21.4930.

Analysts Set New Price Targets

PRMRF has been the topic of a number of recent research reports. Scotiabank restated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, November 5th. Finally, Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Thursday, January 15th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Paramount Resources Price Performance

The business has a 50 day simple moving average of $18.20 and a 200 day simple moving average of $16.93. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 3.56 and a beta of 0.70.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.17). The firm had revenue of $144.55 million during the quarter, compared to the consensus estimate of $137.63 million. Paramount Resources had a net margin of 149.02% and a return on equity of 1.54%. As a group, sell-side analysts anticipate that Paramount Resources Ltd. will post 1.74 earnings per share for the current fiscal year.

Paramount Resources Company Profile

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.