Paramount Resources (OTCMKTS:PRMRF) Shares Cross Above Fifty Day Moving Average - Here's What Happened

Key Points

• Paramount Resources shares moved above their 50-day moving average, reaching $23.85 and last trading at $23.84, compared with a 50-day average of $20.80.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating based on one Strong Buy, four Buy, and four Hold recommendations.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.33 versus the $0.28 consensus and revenue of $183.53 million versus estimates of $151.36 million.

Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report) shares crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $20.80 and traded as high as $23.85. Paramount Resources shares last traded at $23.84, with a volume of 20,512 shares changing hands.

Wall Street Analysts Forecast Growth

PRMRF has been the subject of a number of research reports. Zacks Research cut Paramount Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Scotiabank restated a "sector perform" rating on shares of Paramount Resources in a research note on Friday, August 7th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Paramount Resources in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Paramount Resources in a research report on Friday, July 10th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of Paramount Resources in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Paramount Resources presently has a consensus rating of "Moderate Buy".

Paramount Resources Trading Up 1.1%

The stock has a market capitalization of $3.48 billion, a PE ratio of 41.82 and a beta of 0.63. The firm's fifty day moving average price is $20.80 and its two-hundred day moving average price is $20.92.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The firm had revenue of $183.53 million for the quarter, compared to the consensus estimate of $151.36 million. Paramount Resources had a net margin of 12.52% and a return on equity of 4.33%. As a group, sell-side analysts anticipate that Paramount Resources Ltd. will post 1.08 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.

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