Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Here’s What Happened

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) gapped up prior to trading 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PRMRF shares. Zacks Research upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Paramount Resources in a research report on Wednesday, May 13th. 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 report on Wednesday, May 13th. Finally, Scotiabank raised Paramount Resources to a “hold” rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Paramount Resources Trading Down 3.2%

The company’s 50 day moving average price is $21.40 and its two-hundred day moving average price is $20.07. The firm has a market cap of $2.94 billion, a PE ratio of 77.56 and a beta of 0.63.

Paramount Resources (OTCMKTS:PRMRF) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Paramount Resources had a return on equity of 1.98% and a net margin of 6.65%.The firm had revenue of $164.34 million during the quarter, compared to analyst estimates of $119.34 million. Equities research analysts expect that Paramount Resources Ltd. will post 1.06 earnings per share for the current fiscal 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.