Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Here’s What Happened

Paramount Resources Ltd. (OTCMKTS:PRMRF) gapped up before the market opened on Wednesday . The stock had previously closed at $19.38, but opened at $20.30. Paramount Resources shares last traded at $20.64, with a volume of 385 shares.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PRMRF. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, May 13th. Zacks Research upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Scotiabank upgraded shares of Paramount Resources to a “hold” rating in a report on Friday, June 26th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Paramount Resources in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paramount Resources in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 78.62 and a beta of 0.63. The firm’s 50 day moving average is $21.45 and its 200-day moving average is $20.02.

Paramount Resources (OTCMKTS:PRMRF) last posted its earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $164.34 million for the quarter, compared to analyst estimates of $119.34 million. Paramount Resources had a return on equity of 1.98% and a net margin of 6.65%. As a group, research analysts predict that Paramount Resources Ltd. will post 1.06 EPS for the current 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.