Paramount Resources (OTCMKTS:PRMRF) Stock Price Down 5.9% – Here’s What Happened

Paramount Resources Ltd. (OTCMKTS:PRMRF) shares traded down 5.9% during trading on Monday . The company traded as low as $22.30 and last traded at $22.30. 772 shares traded hands during mid-day trading, a decline of 100% from the average daily volume of 195,883 shares. The stock had previously closed at $23.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Zacks Research cut Paramount Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a research report on Friday, July 10th. Scotiabank reissued a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research note on Friday, August 7th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Paramount Resources presently has a consensus rating of “Moderate Buy”.

Paramount Resources Trading Down 2.0%

The firm has a fifty day moving average of $22.16 and a 200 day moving average of $21.51. The company has a market capitalization of $3.13 billion, a P/E ratio of 37.61 and a beta of 0.67.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Paramount Resources had a net margin of 12.52% and a return on equity of 4.31%. The firm had revenue of $183.53 million for the quarter, compared to the consensus estimate of $151.36 million. Sell-side analysts anticipate that Paramount Resources Ltd. will post 1.08 EPS for the current fiscal year.

Paramount Resources Company Profile

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids. The company’s activities are focused on developing long-life, liquids-rich resource opportunities and related petroleum infrastructure.

Paramount’s operations are concentrated in Alberta, particularly in the Grande Prairie and Kaybob areas. Its asset base includes interests in several of Western Canada’s unconventional oil and natural gas plays, supported by drilling, completion, processing and transportation activities.

Headquartered in Calgary, Alberta, Paramount was founded in 1978 by Clayton Riddell and has grown into one of Canada’s notable publicly traded exploration and production companies.