Paramount Resources (TSE:POU) Share Price Breaks Above Fifty Day Moving Average - Here's What Happened

Key Points

• Paramount Resources shares moved above their 50-day moving average, reaching C$33.00 and last trading at C$32.96, versus the average of C$32.20.
• Analysts raised several price targets; the stock has a “Moderate Buy” consensus and an average target of C$35.45. Scotiabank upgraded the stock to “sector outperform” and set a C$42 target.
• The company reported a quarterly loss of C$2.65 per share on C$257.1 million in revenue and announced a monthly dividend of C$0.05 per share, equivalent to a 1.8% annualized yield.

Paramount Resources Ltd. (TSE:POU - Get Free Report)'s share price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of C$32.20 and traded as high as C$33.00. Paramount Resources shares last traded at C$32.96, with a volume of 340,221 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on POU shares. ATB Cormark Capital Markets lifted their price objective on shares of 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. Royal Bank Of Canada upped their price objective on shares of Paramount Resources from C$35.00 to C$37.00 and gave the company a "sector perform" rating in a report on Friday, August 7th. BMO Capital Markets increased 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 research report on Friday, August 7th. Scotia increased their price objective 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. Finally, Scotiabank upgraded shares of Paramount Resources from a "hold" rating to a "sector outperform" rating and raised their target price for the stock from C$40.00 to C$42.00 in a research note on Monday. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Paramount Resources presently has an average rating of "Moderate Buy" and an average target price of C$35.45.

Paramount Resources Stock Performance

The company has a fifty day moving average of C$32.20 and a two-hundred day moving average of C$29.81. The firm has a market capitalization of C$4.82 billion, a price-to-earnings ratio of -17.72, a PEG ratio of 0.14 and a beta of -0.07. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.68 and a current ratio of 1.30.

Paramount Resources (TSE:POU - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported C($2.65) EPS for the quarter. The firm had revenue of C$257.10 million during the quarter. Paramount Resources had a negative net margin of 22.36% and a negative return on equity of 10.12%. As a group, 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 company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 30th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.8%. Paramount Resources's dividend payout ratio (DPR) is currently -32.26%.

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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