Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up - Here's Why

Key Points

• Paramount Resources shares gapped up before Tuesday's open, rising from $20.94 to an open of $21.95 and last trading at $21.87 on light volume (413 shares).
• Analyst sentiment is broadly positive with a MarketBeat consensus of "Moderate Buy" (1 Strong Buy, 4 Buy, 3 Hold).
• The company missed quarterly EPS (‑$0.01 vs. $0.16 estimate) but beat revenue ($144.55M vs. $137.63M); fundamentals show a $3.18B market cap, low P/E of 3.6, strong liquidity (current and quick ratios 3.77) and low debt-to-equity (0.10).

Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $20.94, but opened at $21.95. Paramount Resources shares last traded at $21.87, with a volume of 413 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Paramount Resources in a report on Wednesday, January 21st. Raymond James Financial raised shares of Paramount Resources from a "hold" rating to a "moderate buy" rating in a research note on Thursday, January 15th. Roth Mkm raised shares of Paramount Resources to a "strong-buy" rating in a research report on Wednesday, March 4th. ATB Cormark Capital Markets cut shares of Paramount Resources from a "strong-buy" rating to a "moderate buy" rating in a research note on Tuesday, March 3rd. Finally, Zacks Research raised Paramount Resources to a "hold" rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy".

Paramount Resources Stock Performance

The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 3.60 and a beta of 0.68. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.10. The firm has a fifty day simple moving average of $20.57 and a 200-day simple moving average of $18.45.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last released its earnings results on Tuesday, March 3rd. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.17). Paramount Resources had a net margin of 149.02% and a return on equity of 1.53%. The firm had revenue of $144.55 million during the quarter, compared to analyst estimates of $137.63 million. Analysts forecast that Paramount Resources Ltd. will post 0.71 EPS for the current fiscal year.

Paramount Resources Company Profile

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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