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

Key Points

• Paramount Resources reached a new 52-week high of C$34.72, up from its prior close of C$34.39, with 163,355 shares traded.
• Analysts raised several price targets to C$36–C$37; the stock has a consensus rating of “Moderate Buy” from eight analysts, with an average target of C$34.35.
• The company reported quarterly revenue of C$317.9 million and earnings of C$0.47 per share, while declaring a monthly dividend of $0.05 per share, representing a 1.7% annualized yield.

Shares of Paramount Resources Ltd. (TSE:POU - Get Free Report) reached a new 52-week high during mid-day trading on Monday. The stock traded as high as C$34.72 and last traded at C$34.72, with a volume of 163,355 shares trading hands. The stock had previously closed at C$34.39.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on POU shares. ATB Cormark Capital Markets lifted their price target on shares of Paramount Resources from C$35.00 to C$37.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Scotia raised their price target on Paramount Resources from C$34.00 to C$36.00 and gave the company a "sector perform" rating in a report on Friday, August 7th. Scotiabank raised Paramount Resources to a "hold" rating in a report on Friday, June 26th. BMO Capital Markets raised 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. Finally, Royal Bank Of Canada increased their target price on 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 issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$34.35.

Paramount Resources Stock Performance

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.68 and a current ratio of 1.87. The company's fifty day simple moving average is C$31.60 and its two-hundred day simple moving average is C$30.07. The company has a market capitalization of C$5.05 billion, a price-to-earnings ratio of 44.41, a price-to-earnings-growth ratio of 0.14 and a beta of -0.16.

Paramount Resources (TSE:POU - Get Free Report) last issued its quarterly earnings results 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 business had revenue of C$317.90 million during the quarter. Equities research analysts predict that Paramount Resources Ltd. will post 1.41 earnings per share for the current fiscal year.

Paramount Resources Dividend Announcement

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

Paramount Resources Company Profile

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".

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