Paramount Resources (OTCMKTS:PRMRF) Stock Price Crosses Above 50-Day Moving Average – Time to Sell?

Paramount Resources Ltd. (OTCMKTS:PRMRF) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $20.57 and traded as high as $22.65. Paramount Resources shares last traded at $22.5363, with a volume of 9,428 shares trading hands.

Analysts Set New Price Targets

PRMRF has been the subject of a number of recent research reports. Zacks Research downgraded Paramount Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Scotiabank reiterated a “sector perform” rating on shares of Paramount Resources in a report on Friday, August 7th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Jefferies Financial Group reissued a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Paramount Resources Price Performance

The stock has a market capitalization of $3.29 billion, a P/E ratio of 39.54 and a beta of 0.63. The business’s 50 day simple moving average is $20.57 and its 200-day simple moving average is $20.73.

Paramount Resources (OTCMKTS:PRMRF) last issued its earnings results on Thursday, August 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $183.53 million during the quarter, compared to analysts’ expectations of $151.36 million. Paramount Resources had a net margin of 12.52% and a return on equity of 4.33%. Research analysts anticipate that Paramount Resources Ltd. will post 1.08 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.