Paramount Resources (OTCMKTS:PRMRF) Share Price Crosses Above Fifty Day Moving Average – What’s Next?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $20.86 and traded as high as $20.97. Paramount Resources shares last traded at $20.88, with a volume of 27,359 shares trading hands.

Analyst Ratings Changes

PRMRF has been the topic of a number of research analyst reports. Jefferies Financial Group reissued a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Friday, July 10th. Scotiabank reiterated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, July 17th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Finally, Zacks Research downgraded Paramount Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Paramount Resources Trading Up 2.3%

The stock has a market capitalization of $3.05 billion, a P/E ratio of 80.31 and a beta of 0.63. The stock’s fifty day moving average price is $20.86 and its two-hundred day moving average price is $20.39.

Paramount Resources (OTCMKTS:PRMRF) last released its earnings results on Tuesday, May 12th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Paramount Resources had a net margin of 6.65% and a return on equity of 1.98%. The company had revenue of $164.34 million for the quarter, compared to analyst estimates of $119.34 million. As a group, analysts expect that Paramount Resources Ltd. will post 1.07 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.