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

Paramount Resources Ltd. (OTCMKTS:PRMRF) gapped up before the market opened on Wednesday . The stock had previously closed at $19.38, but opened at $20.30. Paramount Resources shares last traded at $20.64, with a volume of 385 shares.

Analyst Ratings Changes

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

Paramount Resources Stock Performance

The firm’s 50-day simple moving average is $21.45 and its 200-day simple moving average is $20.02. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 78.62 and a beta of 0.63.

Paramount Resources (OTCMKTS:PRMRF) last released its earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share 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 analysts’ expectations of $119.34 million. Equities research analysts forecast that Paramount Resources Ltd. will post 1.06 earnings per share 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.