Paramount Resources (OTCMKTS:PRMRF) Shares Gap Down – Here’s Why

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) gapped down prior to trading on Tuesday . The stock had previously closed at $21.0695, but opened at $20.2585. Paramount Resources shares last traded at $20.30, with a volume of 856 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRMRF shares. Jefferies Financial Group restated a “buy” rating on shares of Paramount Resources in a research report on Tuesday, May 12th. Roth Mkm upgraded shares of Paramount Resources to a “strong-buy” rating in a research report on Wednesday, March 4th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research report on Wednesday, May 13th. ATB Cormark Capital Markets lowered shares of Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, March 3rd. Finally, Zacks Research upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

Paramount Resources Stock Down 0.8%

The firm has a market capitalization of $2.92 billion, a P/E ratio of 77.30 and a beta of 0.62. The firm’s 50-day simple moving average is $21.63 and its 200-day simple moving average is $19.88.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings data 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 firm had revenue of $164.35 million during the quarter, compared to analyst estimates of $119.34 million. Paramount Resources had a net margin of 6.65% and a return on equity of 1.98%. As a group, analysts expect that Paramount Resources Ltd. will post 1.06 EPS for the current fiscal year.

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.