Paramount Resources (TSE:POU) Stock Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• Paramount Resources shares moved above their 200-day moving average, reaching C$32.79 before closing at C$32.35, compared with a 200-day average of C$29.05.
• Analysts raised several price targets to C$37.00, and the stock carries a consensus “Moderate Buy” rating with an average target of C$34.35.
• The company reported quarterly earnings of C$0.47 per share on C$317.90 million in revenue and declared a monthly C$0.05 dividend, representing an annualized yield of about 1.9%.

Paramount Resources Ltd. (TSE:POU - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$29.05 and traded as high as C$32.79. Paramount Resources shares last traded at C$32.35, with a volume of 211,769 shares traded.

Analyst Ratings Changes

A number of research firms have weighed in on POU. BMO Capital Markets increased their target price on Paramount Resources from C$35.00 to C$37.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Royal Bank Of Canada boosted their price target 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 upped 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. Scotiabank raised Paramount Resources to a "hold" rating in a research note on Friday, June 26th. Finally, Scotia lifted their price objective on 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. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of C$34.35.

Paramount Resources Trading Down 1.4%

The stock's 50 day moving average price is C$29.36 and its 200-day moving average price is C$29.05. The company has a quick ratio of 0.68, a current ratio of 1.87 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of C$4.72 billion, a PE ratio of 41.47, a PEG ratio of 0.14 and a beta of -0.25.

Paramount Resources (TSE:POU - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported C$0.47 earnings per share for the quarter. The company 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%. On average, sell-side analysts expect that Paramount Resources Ltd. will post 1.4075758 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 Monday, August 31st. Stockholders of record on Monday, August 31st will be given a $0.05 dividend. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, August 17th. Paramount Resources's payout ratio is presently 76.92%.

Insider Activity

In other news, Director Dirk Jungé sold 8,850 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of C$30.97, for a total value of C$274,084.50. Following the completion of the transaction, the director owned 57,915 shares of the company's stock, valued at C$1,793,627.55. This represents a 13.26% decrease in their ownership of the stock. Also, Director James Geral Bell sold 2,050 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of C$27.17, for a total value of C$55,698.50. 45.36% of the stock is owned by insiders.

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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