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

Key Points

• Paramount Resources shares gapped down from a prior close of $23.81 to open at $22.99, later trading at $23.43 on volume of 676 shares.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating comprising one Strong Buy, four Buy, and four Hold recommendations.
• The company exceeded quarterly expectations, reporting $0.33 EPS versus a $0.28 estimate and revenue of $183.53 million compared with the $151.36 million consensus forecast.

Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $23.81, but opened at $22.99. Paramount Resources shares last traded at $23.43, with a volume of 676 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PRMRF. Royal Bank Of Canada restated a "sector perform" rating on shares of Paramount Resources in a research report on Friday, August 7th. Scotiabank reaffirmed a "sector perform" rating on shares of Paramount Resources in a research note on Friday, August 7th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Paramount Resources in a report on Friday, July 10th. Zacks Research downgraded shares of Paramount Resources from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Paramount Resources in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy".

Paramount Resources Stock Performance

The company has a market cap of $3.43 billion, a P/E ratio of 41.25 and a beta of 0.67. The stock's fifty day moving average price is $21.97 and its two-hundred day moving average price is $21.46.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. Paramount Resources had a return on equity of 4.31% and a net margin of 12.52%.The company had revenue of $183.53 million during the quarter, compared to the consensus estimate of $151.36 million. On average, equities research analysts forecast that Paramount Resources Ltd. will post 1.08 EPS for the current year.

About Paramount Resources

Paramount Resources Ltd. is a Canadian energy company engaged in the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids. The company's activities are focused on developing long-life, liquids-rich resource opportunities and related petroleum infrastructure.

Paramount's operations are concentrated in Alberta, particularly in the Grande Prairie and Kaybob areas. Its asset base includes interests in several of Western Canada's unconventional oil and natural gas plays, supported by drilling, completion, processing and transportation activities.

Headquartered in Calgary, Alberta, Paramount was founded in 1978 by Clayton Riddell and has grown into one of Canada's notable publicly traded exploration and production companies.

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