Paramount Resources (OTCMKTS:PRMRF) Shares Cross Above Fifty Day Moving Average – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $20.86 and traded as high as $20.97. Paramount Resources shares last traded at $20.88, with a volume of 27,359 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on PRMRF shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of Paramount Resources in a research note on Tuesday, May 12th. Zacks Research downgraded Paramount Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research report on Friday, July 10th. Scotiabank restated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, July 17th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paramount Resources in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Performance

The stock has a market cap of $3.08 billion, a P/E ratio of 81.16 and a beta of 0.63. The firm’s fifty day simple moving average is $20.80 and its 200-day simple moving average is $20.42.

Paramount Resources (OTCMKTS:PRMRF) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Paramount Resources had a net margin of 6.65% and a return on equity of 1.98%. The company had revenue of $164.34 million for the quarter, compared to analyst estimates of $119.34 million. Analysts predict that Paramount Resources Ltd. will post 1.07 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.