Paramount Resources (OTCMKTS:PRMRF) Shares Cross Below 50 Day Moving Average – Here’s Why

Paramount Resources Ltd. (OTCMKTS:PRMRF) crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $21.52 and traded as low as $18.8380. Paramount Resources shares last traded at $19.1341, with a volume of 3,416,962 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Scotiabank upgraded Paramount Resources to a “hold” rating in a research note on Friday, June 26th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Zacks Research raised Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Jefferies Financial Group reiterated a “buy” rating on shares of Paramount Resources in a research report on Tuesday, May 12th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Paramount Resources Trading Up 0.8%

The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 73.60 and a beta of 0.63. The company’s 50-day moving average is $21.52 and its 200-day moving average is $19.97.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Paramount Resources had a net margin of 6.65% and a return on equity of 1.98%. The business had revenue of $164.34 million during the quarter, compared to the consensus estimate of $119.34 million. Equities research analysts forecast that Paramount Resources Ltd. will post 1.06 EPS for the current 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.