Paramount Resources (OTCMKTS:PRMRF) Share Price Crosses Above Fifty Day Moving Average – What’s Next?

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $20.57 and traded as high as $22.65. Paramount Resources shares last traded at $22.5363, with a volume of 9,428 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have commented on PRMRF shares. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Friday, July 10th. Zacks Research cut Paramount Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Scotiabank reaffirmed a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Jefferies Financial Group reiterated a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Paramount Resources Stock Up 2.1%

The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 40.36 and a beta of 0.63. The stock’s fifty day moving average is $20.60 and its two-hundred day moving average is $20.75.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Paramount Resources had a net margin of 12.52% and a return on equity of 4.33%. The firm had revenue of $183.53 million during the quarter, compared to analysts’ expectations of $151.36 million. As a group, analysts anticipate that Paramount Resources Ltd. will post 1.08 EPS 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.