Paramount Resources (OTCMKTS:PRMRF) Sets New 1-Year High – Should You Buy?

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) reached a new 52-week high during mid-day trading on Friday. The company traded as high as $24.28 and last traded at $24.23, with a volume of 3,622 shares. The stock had previously closed at $23.7582.

Wall Street Analyst Weigh In

PRMRF has been the subject of several research reports. Scotiabank reissued a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paramount Resources in a report on Friday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, September 16th. Zacks Research cut shares of Paramount Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Paramount Resources has an average rating of “Moderate Buy”.

Paramount Resources Price Performance

The stock’s 50 day simple moving average is $22.52 and its two-hundred day simple moving average is $21.53. The firm has a market cap of $3.54 billion, a P/E ratio of 42.51 and a beta of 0.87.

Paramount Resources (OTCMKTS:PRMRF) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.33 EPS for the quarter, topping 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 firm had revenue of $183.53 million for the quarter, compared to analysts’ expectations of $151.36 million. Equities research analysts anticipate that Paramount Resources Ltd. will post 1.08 earnings per share for the current year.

About Paramount Resources

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.