Paramount Resources (OTCMKTS:PRMRF) Shares Up 2.3% - Time to Buy?

Key Points

• Shares rose 2.3% to $20.33 on Wednesday with mid-day volume slightly below average, and analysts' consensus rating is a “Moderate Buy” (1 Strong Buy, 4 Buy, 3 Hold).
• Paramount missed quarterly EPS (reported ($0.01) vs. $0.16 expected) but beat revenue at $144.6M; the company has strong liquidity (current and quick ratios 3.77), low debt-to-equity (0.10), a low P/E of 3.34 and a $2.95B market cap.

Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report)'s stock price shot up 2.3% during mid-day trading on Wednesday . The company traded as high as $20.33 and last traded at $20.33. 17,449 shares were traded during mid-day trading, a decline of 4% from the average session volume of 18,199 shares. The stock had previously closed at $19.88.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRMRF. Scotiabank restated an "outperform" rating on shares of Paramount Resources in a report on Wednesday, January 21st. Roth Mkm upgraded shares of Paramount Resources to a "strong-buy" rating in a report on Wednesday, March 4th. Raymond James Financial upgraded shares of Paramount Resources from a "hold" rating to a "moderate buy" rating in a report on Thursday, January 15th. ATB Cormark Capital Markets lowered shares of Paramount Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Tuesday, March 3rd. Finally, Zacks Research raised shares of Paramount Resources to a "hold" rating in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy".

Paramount Resources Stock Performance

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 stock's 50-day moving average is $20.42 and its 200-day moving average is $18.34. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 3.34 and a beta of 0.68.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.01) earnings per share (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. On average, analysts expect that Paramount Resources Ltd. will post 0.71 EPS for the current 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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