Paramount Resources (TSE:POU) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Paramount Resources shares rose above their 200-day moving average, reaching C$31.35 and last trading at C$31.24 versus the C$29.90 average.
• Analysts raised several price targets to between C$36 and C$37. The stock has a consensus rating of “Moderate Buy” and an average target of C$34.35.
• Paramount reported quarterly EPS of C$0.47 on C$317.9 million in revenue and announced a monthly dividend of C$0.05 per share, representing a 1.9% yield.

Paramount Resources Ltd. (TSE:POU - Get Free Report) shares crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of C$29.90 and traded as high as C$31.35. Paramount Resources shares last traded at C$31.24, with a volume of 386,614 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Royal Bank Of Canada upped their price objective on 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. 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 note 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 stock a "sector perform" rating in a research report on Friday, August 7th. BMO Capital Markets upped 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. Finally, Scotiabank upgraded Paramount Resources to a "hold" rating in a report on Friday, June 26th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company 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 debt-to-equity ratio of 0.90, a current ratio of 1.87 and a quick ratio of 0.68. The stock's 50 day simple moving average is C$31.07 and its two-hundred day simple moving average is C$29.90. The stock has a market cap of C$4.56 billion, a P/E ratio of 40.05, a price-to-earnings-growth ratio of 0.14 and a beta of -0.16.

Paramount Resources (TSE:POU - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported C$0.47 EPS for the quarter. The business had revenue of C$317.90 million for the quarter. Paramount Resources had a net margin of 11.19% and a return on equity of 4.30%. As a group, research analysts forecast that Paramount Resources Ltd. will post 1.4075758 EPS for the current year.

Paramount Resources Announces Dividend

The company 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. This represents a $0.60 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 15th. Paramount Resources's dividend 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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