Paramount Resources (OTCMKTS:PRMRF) Shares Gap Down – Here’s Why

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $23.9420, but opened at $22.42. Paramount Resources shares last traded at $22.45, with a volume of 1,725 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRMRF. Roth Mkm upgraded shares of Paramount Resources to a “strong-buy” rating in a research note on Wednesday, March 4th. Jefferies Financial Group restated a “buy” rating on shares of Paramount Resources in a research note on Tuesday, May 12th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Zacks Research upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Paramount Resources currently has an average rating of “Buy”.

Paramount Resources Stock Performance

The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.10. The stock has a 50 day simple moving average of $21.49 and a 200 day simple moving average of $19.34. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of 86.64 and a beta of 0.64.

Paramount Resources (OTCMKTS:PRMRF) last issued its earnings results on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Paramount Resources had a return on equity of 2.00% and a net margin of 6.65%.The company had revenue of $164.35 million during the quarter, compared to the consensus estimate of $119.34 million. As a group, analysts anticipate that Paramount Resources Ltd. will post 1.06 earnings per share for the current fiscal 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.