Paramount Resources (TSE:POU) Sets New 52-Week High - Still a Buy?

Key Points

• Paramount Resources reached a new 52-week high, trading as high as C$33.48 and closing near C$33.37, up from the prior close of C$32.10.
• Analyst sentiment is favorable but mixed, with four Buy and four Hold ratings. The average price target is C$34.35, while several firms raised their targets to C$36–C$37.
• The company reported quarterly EPS of C$0.47 on C$317.9 million in revenue and declared a monthly dividend of $0.05 per share, equivalent to a 1.8% annualized yield.

Paramount Resources Ltd. (TSE:POU - Get Free Report)'s share price reached a new 52-week high on Tuesday. The company traded as high as C$33.48 and last traded at C$33.37, with a volume of 84,215 shares. The stock had previously closed at C$32.10.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. ATB Cormark Capital Markets increased their target price 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 upped their price target on shares of Paramount Resources from C$34.00 to C$36.00 and gave the stock a "sector perform" rating in a report on Friday, August 7th. BMO Capital Markets increased their price objective 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. Scotiabank upgraded Paramount Resources to a "hold" rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada lifted their price objective on Paramount Resources from C$35.00 to C$37.00 and gave the company a "sector perform" rating in a research note on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of C$34.35.

Paramount Resources Stock Performance

The company's 50-day moving average is C$31.26 and its two-hundred day moving average is C$29.96. The company has a market capitalization of C$4.89 billion, a P/E ratio of 42.97, a PEG ratio of 0.14 and a beta of -0.16. The company has a quick ratio of 0.68, a current ratio of 1.87 and a debt-to-equity ratio of 0.90.

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

Paramount Resources Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.05 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, October 15th. Paramount Resources's payout ratio is currently 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".

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