Paramount Resources (OTCMKTS:PRMRF) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Paramount Resources (OTCMKTS:PRMRF) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Several other analysts also recently issued reports on the stock. Scotiabank raised shares of Paramount Resources to a “hold” rating in a research note on Friday, June 26th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research note on Friday. Jefferies Financial Group restated a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paramount Resources in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Performance

Shares of Paramount Resources stock opened at $20.50 on Monday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 78.85 and a beta of 0.63. The stock has a 50 day moving average price of $21.26 and a 200-day moving average price of $20.12. Paramount Resources has a one year low of $13.24 and a one year high of $24.25.

Paramount Resources (OTCMKTS:PRMRF) last released 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. Paramount Resources had a return on equity of 1.98% and a net margin of 6.65%.The firm had revenue of $164.34 million for the quarter, compared to the consensus estimate of $119.34 million. Sell-side analysts predict that Paramount Resources will post 1.06 earnings per share 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.