Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up Following Analyst Upgrade

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price gapped up before the market opened on Wednesday after Roth Mkm upgraded the stock to a strong-buy rating. The stock had previously closed at $19.9835, but opened at $21.55. Paramount Resources shares last traded at $21.41, with a volume of 7,864 shares trading hands.

A number of other analysts have also recently issued reports on the company. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, November 5th. Scotiabank reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Finally, Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Paramount Resources presently has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Performance

The business has a fifty day simple moving average of $18.28 and a 200 day simple moving average of $16.97. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 3.53 and a beta of 0.70.

Paramount Resources (OTCMKTS:PRMRF) last posted 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 company had revenue of $144.55 million for the quarter, compared to analyst estimates of $137.63 million. Paramount Resources had a net margin of 149.02% and a return on equity of 1.54%. On average, equities research analysts anticipate that Paramount Resources Ltd. will post 1.74 EPS 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.