Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Still a Buy?

by · The Cerbat Gem

Paramount Resources Ltd. (OTCMKTS:PRMRF – Get Free Report) shares gapped up before the market opened on Wednesday. The stock had previously closed at $22.53, but opened at $23.58. Paramount Resources shares last traded at $23.61, with a volume of 1,056 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PRMRF shares. Raymond James Financial reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, September 16th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a research report on Friday, October 9th. Zacks Research lowered Paramount Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Scotiabank reiterated a “sector perform” rating on shares of Paramount Resources in a research note on Friday, August 7th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Read Our Latest Report on Paramount Resources

Paramount Resources Stock Up 1.5%

The firm has a 50 day simple moving average of $22.52 and a 200-day simple moving average of $21.53. The stock has a market cap of $3.47 billion, a P/E ratio of 41.68 and a beta of 0.87.

Paramount Resources (OTCMKTS:PRMRF – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Paramount Resources had a return on equity of 4.31% and a net margin of 12.52%. The company had revenue of $183.53 million during the quarter, compared to analysts’ expectations of $151.36 million. On average, equities analysts anticipate that Paramount Resources Ltd. will post 1.08 earnings per share for the current year.

Paramount Resources Company Profile

(Get Free Report)

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. The company focuses on developing unconventional petroleum resources and operates primarily in Alberta, Canada.

Paramount’s principal operating areas have included the Grande Prairie and Kaybob regions, where it holds prospective oil and liquids-rich natural gas properties. Its activities include drilling and completing wells, operating production facilities, and managing infrastructure used to gather and process hydrocarbons.

Founded in 1978, Paramount Resources has grown through exploration, development and strategic acquisitions, including the purchase of Apache Corporation’s Canadian oil and gas assets in 2017.

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