Paramount Resources (OTCMKTS:PRMRF) Reaches New 52-Week High – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF) shares hit a new 52-week high on Friday. The company traded as high as $24.28 and last traded at $24.23, with a volume of 3,622 shares. The stock had previously closed at $23.7582.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, September 16th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a research note on Friday, August 7th. Zacks Research downgraded shares of 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 note on Friday, October 9th. Finally, Scotiabank reissued a “sector perform” rating on shares of Paramount Resources in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The company’s 50-day simple moving average is $22.52 and its two-hundred day simple moving average is $21.53. The firm has a market cap of $3.54 billion, a PE ratio of 42.51 and a beta of 0.87.

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. The company had revenue of $183.53 million for the quarter, compared to the consensus estimate of $151.36 million. Paramount Resources had a return on equity of 4.31% and a net margin of 12.52%. On average, analysts expect that Paramount Resources Ltd. will post 1.08 EPS for the current year.

Paramount Resources Company Profile

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. The company focuses on developing unconventional petroleum resources and operates primarily in Alberta, Canada.

Paramount’s principal operating areas have included the Grande Prairie and Kaybob regions, where it holds prospective oil and liquids-rich natural gas properties. Its activities include drilling and completing wells, operating production facilities, and managing infrastructure used to gather and process hydrocarbons.

Founded in 1978, Paramount Resources has grown through exploration, development and strategic acquisitions, including the purchase of Apache Corporation’s Canadian oil and gas assets in 2017.