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

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $24.21 and last traded at $24.17, with a volume of 18538 shares. The stock had previously closed at $23.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRMRF shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, May 13th. Zacks Research upgraded Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. ATB Cormark Capital Markets cut Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, March 3rd. Roth Mkm upgraded Paramount Resources to a “strong-buy” rating in a report on Wednesday, March 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Paramount Resources in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy”.

Paramount Resources Stock Up 2.5%

The company has a debt-to-equity ratio of 0.10, a current ratio of 3.77 and a quick ratio of 3.77. The firm’s 50 day moving average is $21.30 and its two-hundred day moving average is $19.08. The firm has a market capitalization of $3.51 billion, a P/E ratio of 92.97 and a beta of 0.64.

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