Paramount Resources (OTCMKTS:PRMRF) Stock Price Passes Above 50 Day Moving Average – Time to Sell?

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $17.78 and traded as high as $18.73. Paramount Resources shares last traded at $18.60, with a volume of 10,008 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on PRMRF shares. Scotiabank reiterated an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, November 5th. Finally, Raymond James Financial raised Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Thursday, January 15th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Paramount Resources presently has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The company has a market cap of $2.69 billion, a PE ratio of 2.85 and a beta of 0.80. The stock’s 50-day simple moving average is $17.78 and its 200 day simple moving average is $16.51.

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.