Paramount Resources (OTCMKTS:PRMRF) Trading Up 3.3% – Should You Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price shot up 3.3% during mid-day trading on Tuesday . The company traded as high as $21.00 and last traded at $20.6353. 6,640 shares traded hands during trading, a decline of 49% from the average session volume of 12,985 shares. The stock had previously closed at $19.9835.

Analysts Set New Price Targets

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

Paramount Resources Trading Up 0.8%

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

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

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.