Paramount Resources (TSE:POU) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Paramount Resources shares crossed above their 200-day moving average of C$19.80 during trading, reaching a high of C$19.83.
• Analysts have increased their price targets for Paramount Resources, with Jefferies Financial Group raising it from C$21.00 to C$25.00 and the Royal Bank of Canada from C$21.00 to C$23.00.
• The company announced a monthly dividend of $0.05, which results in an annualized dividend yield of 3.1%, with the ex-dividend date set for August 15th.

Shares of Paramount Resources Ltd. (TSE:POU - Get Free Report) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$19.80 and traded as high as C$19.83. Paramount Resources shares last traded at C$19.48, with a volume of 586,207 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have commented on POU. Jefferies Financial Group increased their price objective on shares of Paramount Resources from C$21.00 to C$25.00 in a research report on Wednesday, July 23rd. Royal Bank Of Canada increased their price objective on shares of Paramount Resources from C$21.00 to C$23.00 and gave the company a "sector perform" rating in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of C$24.33.

Paramount Resources Stock Down 0.3%

The company's fifty day moving average price is C$21.14 and its 200-day moving average price is C$19.43. The stock has a market cap of C$3.00 billion, a P/E ratio of 8.25, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.68 and a current ratio of 0.62.

Paramount Resources Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 29th will be issued a $0.05 dividend. This represents a c) annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, August 15th. Paramount Resources's dividend payout ratio (DPR) is 73.70%.

Insiders Place Their Bets

In related news, Senior Officer Rodrigo Sousa sold 43,535 shares of Paramount Resources stock in a transaction dated Friday, June 13th. The shares were sold at an average price of C$21.85, for a total transaction of C$951,239.75. 45.36% of the stock is owned by insiders.

About Paramount Resources

Paramount Resources Ltd is a Canadian energy company that explores, develops, produces, and markets natural gas, crude oil, and natural gas liquids. The company takes part in exploration and production in Alberta and British Columbia. Sales for Paramount's products are priced in a multitude of markets that span the United States and Canada.