BMO Capital Markets Forecasts Strong Price Appreciation for Paramount Resources (TSE:POU) Stock

Key Points

• BMO Capital Markets raised Paramount Resources’ price target to C$37 from C$35 and maintained an “outperform” rating, implying 22.72% upside from the previous close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average target price of C$34.35; four analysts rate the stock Buy and four rate it Hold.
• Paramount shares traded at C$30.15, while the company reported quarterly EPS of C$0.47 and revenue of C$317.9 million. Recent insider activity was net selling, though insiders still own 45.36% of the company.

Paramount Resources (TSE:POU - Get Free Report) had its price objective boosted by analysts at BMO Capital Markets from C$35.00 to C$37.00 in a research note issued on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. BMO Capital Markets' price objective indicates a potential upside of 22.72% from the company's previous close.

POU has been the topic of several other research reports. National Bank Financial boosted their target price on Paramount Resources from C$36.00 to C$38.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 13th. ATB Cormark Capital Markets lifted their price target on Paramount Resources from C$35.00 to C$37.00 and gave the company an "outperform" rating in a research note on Friday. Scotiabank upgraded Paramount Resources to a "hold" rating in a research report on Friday, June 26th. Raymond James Financial raised their target price on Paramount Resources from C$34.00 to C$36.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada boosted their target price on shares of Paramount Resources from C$32.00 to C$35.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 13th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of C$34.35.

Paramount Resources Stock Performance

Shares of TSE:POU traded down C$0.59 during midday trading on Friday, hitting C$30.15. The stock had a trading volume of 85,346 shares, compared to its average volume of 281,504. Paramount Resources has a 1 year low of C$19.37 and a 1 year high of C$33.44. The company has a current ratio of 2.57, a quick ratio of 0.68 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average price of C$28.98 and a two-hundred day moving average price of C$28.46. The company has a market capitalization of C$4.38 billion, a PE ratio of 75.37, a P/E/G ratio of 0.14 and a beta of -0.25.

Paramount Resources (TSE:POU - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported C$0.47 earnings per share (EPS) for the quarter. The firm had revenue of C$317.90 million during the quarter. Paramount Resources had a net margin of 5.90% and a return on equity of 1.96%. As a group, equities analysts predict that Paramount Resources will post 1.4075758 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider David Blake Reid sold 25,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of C$30.90, for a total transaction of C$772,500.00. Following the sale, the insider owned 172,313 shares of the company's stock, valued at C$5,324,471.70. This trade represents a 12.67% decrease in their ownership of the stock. Also, Director Dirk Jungé sold 8,850 shares of Paramount Resources stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of C$30.97, for a total value of C$274,084.50. Following the sale, the director owned 57,915 shares of the company's stock, valued at approximately C$1,793,627.55. This represents a 13.26% decrease in their position. Over the last three months, insiders bought 10,148 shares of company stock valued at $308,401 and sold 44,800 shares valued at $1,388,875. Insiders own 45.36% of the company's stock.

Paramount Resources Company Profile

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company's principal properties are located in Alberta and British Columbia. Paramount's class A common shares are listed on the Toronto Stock Exchange under the symbol "POU".

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source