Paramount Resources (OTCMKTS:PRMRF) Hits New 1-Year High – Here’s What Happened

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price hit a new 52-week high on Saturday . The stock traded as high as $22.3525 and last traded at $21.8850, with a volume of 37949 shares changing hands. The stock had previously closed at $21.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PRMRF shares. Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Thursday, January 15th. Roth Mkm raised shares of Paramount Resources to a “strong-buy” rating in a report on Wednesday, March 4th. ATB Cormark Capital Markets lowered shares of Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, March 3rd. Scotiabank restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, January 21st. Finally, Zacks Research upgraded Paramount Resources to a “hold” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Paramount Resources Trading Up 0.0%

The stock’s 50-day moving average price is $19.28 and its 200-day moving average price is $17.51. The company has a market capitalization of $3.16 billion, a P/E ratio of 3.59 and a beta of 0.70.

Paramount Resources (OTCMKTS:PRMRF) last released its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.17). Paramount Resources had a return on equity of 1.54% and a net margin of 149.02%.The business had revenue of $144.55 million for the quarter, compared to analyst estimates 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.