Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up - Should You Buy?

Key Points

• Paramount Resources shares opened higher, rising from a prior close of $22.53 to $23.58 and last trading at $23.61, though volume was only 1,056 shares.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating based on one Strong Buy, four Buy, and three Hold ratings.
• The company exceeded quarterly expectations, reporting $0.33 in EPS versus $0.28 expected and revenue of $183.53 million against a $151.36 million estimate.

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report) gapped up before the market opened on Wednesday. The stock had previously closed at $22.53, but opened at $23.58. Paramount Resources shares last traded at $23.61, with a volume of 1,056 shares.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PRMRF shares. Scotiabank reissued a "sector perform" rating on shares of Paramount Resources in a research report on Friday, August 7th. Zacks Research lowered shares of Paramount Resources from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Raymond James Financial restated an "outperform" rating on shares of Paramount Resources in a research note on Wednesday, September 16th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Paramount Resources in a research report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Paramount Resources in a report on Friday. One investment 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy".

Paramount Resources Stock Performance

The firm's 50 day moving average price is $22.41 and its two-hundred day moving average price is $21.51. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 41.33 and a beta of 0.87.

Paramount Resources (OTCMKTS:PRMRF - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.33 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 business had revenue of $183.53 million during the quarter, compared to analysts' expectations of $151.36 million. As a group, equities research analysts predict that Paramount Resources Ltd. will post 1.08 EPS for the current year.

Paramount Resources Company Profile

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

Paramount's principal operating areas have included the Grande Prairie and Kaybob regions, where it holds prospective oil and liquids-rich natural gas properties. Its activities include drilling and completing wells, operating production facilities, and managing infrastructure used to gather and process hydrocarbons.

Founded in 1978, Paramount Resources has grown through exploration, development and strategic acquisitions, including the purchase of Apache Corporation's Canadian oil and gas assets in 2017.

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