Paramount Resources (OTCMKTS:PRMRF) Shares Pass Above 50 Day Moving Average – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $17.78 and traded as high as $18.73. Paramount Resources shares last traded at $18.60, with a volume of 10,008 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, January 21st. Raymond James Financial raised shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Thursday, January 15th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Paramount Resources presently has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The firm’s 50-day moving average is $17.78 and its 200 day moving average is $16.51. The firm has a market capitalization of $2.69 billion, a PE ratio of 2.85 and a beta of 0.80.

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.