Paramount Resources (OTCMKTS:PRMRF) Sets New 52-Week High Following Analyst Upgrade

Paramount Resources Ltd. (OTCMKTS:PRMRF) shares hit a new 52-week high during mid-day trading on Thursday after Roth Mkm upgraded the stock to a strong-buy rating. The stock traded as high as $21.8720 and last traded at $21.66, with a volume of 45609 shares changing hands. The stock had previously closed at $21.4930.

Other equities research analysts also recently issued research reports about the company. Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Thursday, January 15th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, November 5th. Finally, Scotiabank restated an “outperform” rating on shares of Paramount Resources in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Paramount Resources Stock Performance

The stock has a market cap of $3.12 billion, a PE ratio of 3.55 and a beta of 0.70. The business has a 50 day moving average price of $18.35 and a two-hundred day moving average price of $17.02.

Paramount Resources (OTCMKTS:PRMRF) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.17). The business had revenue of $144.55 million for the quarter, compared to analysts’ expectations of $137.63 million. Paramount Resources had a net margin of 149.02% and a return on equity of 1.54%. As a group, research analysts anticipate that Paramount Resources Ltd. will post 1.74 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.