Paramount Resources (TSE:POU) Hits New 12-Month High - Here's What Happened

Key Points

• Paramount Resources shares reached a new 52-week high of C$34.93, up from a prior close of C$34.02, with about 266,827 shares traded.
• Analysts raised their price targets to C$36–C$37, resulting in a consensus “Moderate Buy” rating from eight analysts, though the consensus target of C$34.35 is below the current price.
• The company reported quarterly EPS of C$0.47 on C$317.9 million in revenue and announced a monthly dividend of $0.05 per share, equating to a 1.7% annualized yield.

Paramount Resources Ltd. (TSE:POU - Get Free Report) reached a new 52-week high during mid-day trading on Monday. The company traded as high as C$34.93 and last traded at C$34.87, with a volume of 266,827 shares trading hands. The stock had previously closed at C$34.02.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. BMO Capital Markets increased their price target on Paramount Resources from C$35.00 to C$37.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Scotia lifted their price target on shares of Paramount Resources from C$34.00 to C$36.00 and gave the company a "sector perform" rating in a research report on Friday, August 7th. ATB Cormark Capital Markets lifted their price objective on shares of Paramount Resources from C$35.00 to C$37.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of Paramount Resources from C$35.00 to C$37.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Paramount Resources currently has an average rating of "Moderate Buy" and a consensus price target of C$34.35.

Paramount Resources Stock Performance

The company has a current ratio of 1.87, a quick ratio of 0.68 and a debt-to-equity ratio of 0.90. The company has a market cap of C$5.09 billion, a price-to-earnings ratio of 44.69, a P/E/G ratio of 0.14 and a beta of -0.16. The stock's 50 day moving average price is C$31.86 and its 200 day moving average price is C$30.27.

Paramount Resources (TSE:POU - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported C$0.47 earnings per share for the quarter. Paramount Resources had a return on equity of 4.30% and a net margin of 11.19%. The firm had revenue of C$317.90 million during the quarter. On average, analysts expect that Paramount Resources Ltd. will post 1.41 EPS for the current fiscal year.

Paramount Resources Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 30th will be paid a dividend of $0.05 per share. This represents a $0.60 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, October 15th. Paramount Resources's payout ratio is 76.92%.

About Paramount Resources

Paramount is an independent, publicly traded Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas, including longer-term strategic exploration and pre-development plays. The Company's principal properties are located in Alberta and British Columbia. Paramount's class A common shares are listed on the Toronto Stock Exchange under the symbol "POU".

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.