Paramount Resources (OTCMKTS:PRMRF) Shares Gap Down - Here's What Happened

Key Points

• Paramount Resources shares experienced a gap down, opening at $14.06 after a previous close of $14.48, with recent trading at $14.27.
• Analysts maintain a consensus rating of "Moderate Buy", with projections indicating a potential earnings per share increase to 1.74 for the current fiscal year.
• The company recently declared a dividend of $0.0362 per share, representing an unusually high yield of 297.0%, set to be paid on August 29th.

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $14.48, but opened at $14.06. Paramount Resources shares last traded at $14.27, with a volume of 3,697 shares.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Paramount Resources in a report on Wednesday, May 14th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy".

Paramount Resources Price Performance

The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 2.09 and a beta of 1.56. The firm's 50 day moving average price is $15.48 and its two-hundred day moving average price is $14.11.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.10). The business had revenue of $93.43 million for the quarter, compared to analyst estimates of $131.00 million. Paramount Resources had a return on equity of 6.89% and a net margin of 111.48%. On average, analysts anticipate that Paramount Resources Ltd. will post 1.74 earnings per share for the current year.

Paramount Resources Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a $0.0362 dividend. The ex-dividend date is Friday, August 15th. This represents a yield of 297.0%. Paramount Resources's dividend payout ratio (DPR) is presently 6.13%.

Paramount Resources Company Profile

Paramount Resources Ltd. explores for and develops conventional and unconventional petroleum and natural gas reserves and resources in Canada. The company holds interests in the Karr and Wapiti Montney properties covering an area of 109,000 net acres located south of the city of Grande Prairie, Alberta; Kaybob North Duvernay development and natural gas producing properties covering an area of 124,000 net acres located in west-central Alberta; and Willesden Green Duvernay development in central Alberta and shale gas producing properties in the Horn River Basin in northeast British Columbia covering an area of 249,000 net acres.