Paramount Resources (OTCMKTS:PRMRF) Hits New 12-Month High - What's Next?

Key Points

• Paramount Resources shares reached a new 52-week high of $24.82, up 2.6% from the prior close, giving the company a market capitalization of approximately $3.64 billion.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” based on one Strong Buy, four Buy, and three Hold ratings. However, Zacks recently downgraded the stock to Hold.
• Paramount exceeded quarterly expectations, reporting $0.33 in earnings per share versus a $0.28 estimate and $183.53 million in revenue versus a $151.36 million consensus estimate.

Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report)'s share price reached a new 52-week high on Monday. The stock traded as high as $24.82 and last traded at $24.82, with a volume of 4,533 shares changing hands. The stock had previously closed at $24.28.

Wall Street Analyst Weigh In

PRMRF has been the subject of several recent research reports. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Paramount Resources in a report on Friday, October 9th. Scotiabank reiterated a "sector perform" rating on shares of Paramount Resources in a research report on Monday, October 19th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Paramount Resources in a research note on Friday, August 7th. Zacks Research downgraded Paramount Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Paramount Resources in a research note on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

Paramount Resources Trading Up 2.6%

The firm has a market capitalization of $3.64 billion, a PE ratio of 43.72 and a beta of 0.87. The firm has a 50-day moving average of $22.75 and a two-hundred day moving average of $21.69.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $183.53 million during the quarter, compared to analyst estimates of $151.36 million. Paramount Resources had a return on equity of 4.31% and a net margin of 12.52%. Equities research analysts expect that Paramount Resources Ltd. will post 1.28 earnings per share for the current fiscal year.

About Paramount Resources

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, natural gas, condensate and natural gas liquids. The company focuses on developing petroleum and natural gas resources in western Canada.

Paramount's operations are concentrated in Alberta, including the Grande Prairie and Kaybob areas. Its activities generally include drilling wells, developing and operating production infrastructure, and processing and marketing hydrocarbons produced from its resource properties.

Founded in 1976, Paramount Resources has grown into an established Canadian exploration and production company.

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