Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Here’s Why

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $19.9835, but opened at $21.55. Paramount Resources shares last traded at $21.41, with a volume of 7,864 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PRMRF shares. Scotiabank reaffirmed an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Raymond James Financial raised Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Thursday, January 15th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Paramount Resources currently has an average rating of “Moderate Buy”.

Paramount Resources Trading Up 1.3%

The company has a 50-day moving average of $18.13 and a 200-day moving average of $16.90. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 3.33 and a beta of 0.70.

Paramount Resources (OTCMKTS:PRMRF) last posted its quarterly earnings data on Tuesday, March 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.17). The company had revenue of $144.55 million for the quarter, compared to analyst estimates of $137.63 million. Paramount Resources had a net margin of 129.12% and a return on equity of 4.42%. On average, research analysts expect that Paramount Resources Ltd. will post 1.74 EPS for the current year.

Paramount Resources Company Profile

Paramount Resources Ltd. is a Calgary, Alberta–based energy company engaged in the exploration, development and production of conventional and unconventional oil and natural gas resources. The company’s operations span acquisition of acreage, drilling and completion activities, reservoir optimization and production marketing, with a focus on upstream activities. Paramount also holds a portfolio of royalty interests that generate recurring cash flows from production by third parties.

Paramount’s core operating regions are located within the Western Canadian Sedimentary Basin, primarily in Alberta and northeastern British Columbia.