Paramount Resources (TSE:POU) Hits New 12-Month High – Should You Buy?

Paramount Resources Ltd. (TSE:POU) shares hit a new 52-week high during mid-day trading on Monday. The stock traded as high as C$34.93 and last traded at C$34.87, with a volume of 266,827 shares changing hands. The stock had previously closed at C$34.02.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. BMO Capital Markets lifted their target price on shares of Paramount Resources from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Royal Bank Of Canada increased their price objective on shares of Paramount Resources from C$35.00 to C$37.00 and gave the company a “sector perform” rating in a report on Friday, August 7th. Scotia lifted their price objective on Paramount Resources from C$34.00 to C$36.00 and gave the stock a “sector perform” rating in a research note on Friday, August 7th. Finally, ATB Cormark Capital Markets raised their target price on Paramount Resources from C$35.00 to C$37.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$34.35.

Paramount Resources Stock Up 2.5%

The firm’s 50 day simple moving average is C$31.86 and its two-hundred day simple moving average is C$30.27. The firm has a market cap of C$5.09 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 0.14 and a beta of -0.16. The company has a current ratio of 1.87, a quick ratio of 0.68 and a debt-to-equity ratio of 0.90.

Paramount Resources (TSE:POU) last announced its quarterly earnings data on Thursday, August 6th. The company reported C$0.47 EPS for the quarter. The business had revenue of C$317.90 million during the quarter. Paramount Resources had a net margin of 11.19% and a return on equity of 4.30%. On average, equities analysts forecast that Paramount Resources Ltd. will post 1.41 EPS for the current year.

Paramount Resources Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 30th will be paid a dividend of $0.05 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, October 15th. Paramount Resources’s dividend payout ratio is 76.92%.

About Paramount Resources

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company’s principal properties are located in Alberta and British Columbia. Paramount’s class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.