Royal Bank Of Canada Forecasts Strong Price Appreciation for Paramount Resources (TSE:POU) Stock

Paramount Resources (TSE:POU) had its price objective boosted by analysts at Royal Bank Of Canada from C$35.00 to C$37.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 22.72% from the stock’s current price.

Several other research firms have also recently issued reports on POU. Scotia increased their price target on shares of Paramount Resources from C$34.00 to C$36.00 and gave the stock a “sector perform” rating in a report on Friday. ATB Cormark Capital Markets boosted their target price on Paramount Resources from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a research report on Friday. National Bank Financial increased their target price on Paramount Resources from C$36.00 to C$38.00 and gave the stock a “sector perform” rating in a research note on Wednesday, May 13th. BMO Capital Markets raised their price target on Paramount Resources from C$35.00 to C$37.00 and gave the company an “outperform” rating in a report on Friday. Finally, Scotiabank upgraded Paramount Resources to a “hold” rating in a research note on Friday, June 26th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$34.35.

Paramount Resources Stock Performance

TSE:POU traded down C$0.59 during midday trading on Friday, reaching C$30.15. The stock had a trading volume of 85,346 shares, compared to its average volume of 281,504. The firm has a fifty day simple moving average of C$28.98 and a two-hundred day simple moving average of C$28.46. Paramount Resources has a 12-month low of C$19.37 and a 12-month high of C$33.44. The company has a quick ratio of 0.68, a current ratio of 2.57 and a debt-to-equity ratio of 0.89. The stock has a market cap of C$4.38 billion, a P/E ratio of 75.37, a P/E/G ratio of 0.14 and a beta of -0.25.

Paramount Resources (TSE:POU) last announced its quarterly earnings data on Thursday, August 6th. The company reported C$0.47 EPS for the quarter. Paramount Resources had a net margin of 5.90% and a return on equity of 1.96%. The company had revenue of C$317.90 million during the quarter. On average, equities analysts expect that Paramount Resources will post 1.4075758 EPS for the current year.

Insider Activity at Paramount Resources

In other Paramount Resources news, insider Tyson Riddell sold 5,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of C$31.36, for a total value of C$156,800.00. Following the completion of the transaction, the insider directly owned 14,458 shares of the company’s stock, valued at approximately C$453,402.88. This trade represents a 25.70% decrease in their ownership of the stock. Also, insider Joerg Wittenberg sold 3,900 shares of Paramount Resources stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$33.28, for a total transaction of C$129,792.00. Following the sale, the insider owned 54,321 shares of the company’s stock, valued at approximately C$1,807,802.88. The trade was a 6.70% decrease in their ownership of the stock. In the last ninety days, insiders acquired 10,148 shares of company stock valued at $308,401 and sold 44,800 shares valued at $1,388,875. 45.36% of the stock is owned by corporate insiders.

About Paramount Resources

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company’s principal properties are located in Alberta and British Columbia. Paramount’s class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.