Paramount Resources (OTCMKTS:PRMRF) Stock Passes Below 50 Day Moving Average – Here’s Why

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $17.36 and traded as low as $16.8962. Paramount Resources shares last traded at $17.0175, with a volume of 4,920 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. CIBC reissued an “outperform” rating on shares of Paramount Resources in a report on Wednesday, November 5th. Raymond James Financial upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Thursday. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a research note on Tuesday, September 23rd. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Paramount Resources in a research note on Thursday, September 25th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Paramount Resources has an average rating of “Hold”.

Paramount Resources Stock Performance

The stock has a market capitalization of $2.46 billion, a P/E ratio of 2.61 and a beta of 0.75. The business has a fifty day simple moving average of $17.36 and a 200-day simple moving average of $16.15.

Paramount Resources (OTCMKTS:PRMRF) last released its earnings results on Tuesday, November 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). The company had revenue of $103.54 million for the quarter, compared to analyst estimates of $136.00 million. Paramount Resources had a net margin of 129.12% and a return on equity of 4.42%. On average, sell-side analysts anticipate that Paramount Resources Ltd. will post 1.74 earnings per share for the current year.

About Paramount Resources

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.