Scotia Boosts Paramount Resources (TSE:POU) Price Target to C$36.00

Key Points

• Scotia raised Paramount Resources’ price target to C$36 from C$34 while maintaining a “sector perform” rating, implying 19.4% potential upside from the stock’s current price.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating and a consensus target of C$34.35; BMO also raised its target to C$37 and rated the shares “outperform.”
• Paramount shares fell 1.9% to C$30.15 in Friday trading. Recent quarterly results showed C$0.47 EPS on C$317.9 million in revenue, while insiders sold more shares than they purchased over the past 90 days.

Paramount Resources (TSE:POU - Get Free Report) had its price target raised by analysts at Scotia from C$34.00 to C$36.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Scotia's target price points to a potential upside of 19.40% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. BMO Capital Markets raised 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. Scotiabank raised shares of Paramount Resources to a "hold" rating in a research note on Friday, June 26th. Royal Bank Of Canada upped their target price on Paramount Resources from C$32.00 to C$35.00 and gave the stock a "sector perform" rating in a research note on Wednesday, May 13th. National Bank Financial raised their price objective on shares of Paramount Resources from C$36.00 to C$38.00 and gave the company a "sector perform" rating in a research report on Wednesday, May 13th. Finally, Raymond James Financial boosted their target price on Paramount Resources from C$34.00 to C$36.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Paramount Resources presently has an average rating of "Moderate Buy" and a consensus target price of C$34.35.

Paramount Resources Stock Down 1.9%

POU traded down C$0.59 during mid-day trading on Friday, reaching C$30.15. 85,346 shares of the stock were exchanged, compared to its average volume of 281,504. Paramount Resources has a 1 year low of C$19.37 and a 1 year high of C$33.44. The stock has a market capitalization of C$4.38 billion, a PE ratio of 75.37, a price-to-earnings-growth ratio of 0.14 and a beta of -0.25. The company has a 50 day moving average price of C$28.98 and a two-hundred day moving average price of C$28.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.68 and a current ratio of 2.57.

Paramount Resources (TSE:POU - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported C$0.47 earnings per share (EPS) for the quarter. The business had revenue of C$317.90 million during the quarter. Paramount Resources had a net margin of 5.90% and a return on equity of 1.96%. As a group, research analysts anticipate that Paramount Resources will post 1.4075758 EPS for the current year.

Insiders Place Their Bets

In other Paramount Resources news, Director Dirk Jungé sold 8,850 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were 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 directly owned 57,915 shares in the company, valued at approximately C$1,793,627.55. This represents a 13.26% decrease in their position. Also, insider David Blake Reid sold 25,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of C$30.90, for a total transaction of C$772,500.00. Following the completion of the sale, the insider owned 172,313 shares of the company's stock, valued at C$5,324,471.70. This trade represents a 12.67% decrease in their ownership of the stock. In the last ninety days, insiders purchased 10,148 shares of company stock worth $308,401 and sold 44,800 shares worth $1,388,875. Company insiders own 45.36% of the company's stock.

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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