Paramount Resources (OTCMKTS:PRMRF) Hits New 52-Week High – Still a Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $23.10 and last traded at $23.10, with a volume of 16085 shares changing hands. The stock had previously closed at $22.31.

Wall Street Analyst Weigh In

PRMRF has been the topic of several analyst reports. Roth Mkm raised shares of Paramount Resources to a “strong-buy” rating in a report on Wednesday, March 4th. Scotiabank reissued an “outperform” rating on shares of Paramount Resources in a report on Wednesday, January 21st. Jefferies Financial Group reissued a “buy” rating on shares of Paramount Resources in a report on Tuesday. Zacks Research raised shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy”.

Paramount Resources Trading Up 2.1%

The business’s fifty day simple moving average is $21.21 and its 200 day simple moving average is $18.96. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.10. The stock has a market cap of $3.38 billion, a P/E ratio of 89.62 and a beta of 0.64.

Paramount Resources (OTCMKTS:PRMRF) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Paramount Resources had a net margin of 6.65% and a return on equity of 2.00%. The firm had revenue of $164.35 million for the quarter, compared to analyst estimates of $119.34 million. As a group, analysts expect that Paramount Resources Ltd. will post 1.06 EPS for the current 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.