Paramount Resources (OTCMKTS:PRMRF) Reaches New 52-Week High – Should You Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price hit a new 52-week high during mid-day trading on Saturday . The stock traded as high as $22.3525 and last traded at $21.8850, with a volume of 37949 shares changing hands. The stock had previously closed at $21.88.

Analysts Set New Price Targets

Several equities research analysts recently commented on PRMRF shares. Zacks Research raised Paramount Resources to a “hold” rating in a research note on Thursday, March 5th. Raymond James Financial upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Thursday, January 15th. Scotiabank reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. ATB Cormark Capital Markets lowered shares of Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, March 3rd. Finally, Roth Mkm upgraded shares of Paramount Resources to a “strong-buy” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

Paramount Resources Price Performance

The company has a market cap of $3.16 billion, a price-to-earnings ratio of 3.59 and a beta of 0.70. The firm has a fifty day simple moving average of $19.28 and a 200 day simple moving average of $17.55.

Paramount Resources (OTCMKTS:PRMRF) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.17). Paramount Resources had a return on equity of 1.54% and a net margin of 149.02%.The firm had revenue of $144.55 million during the quarter, compared to analyst estimates of $137.63 million. Analysts expect that Paramount Resources Ltd. will post 1.74 earnings per share 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.