Paramount Resources (OTCMKTS:PRMRF) Sets New 52-Week High – Time to Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $23.10 and last traded at $23.10, with a volume of 16085 shares changing hands. The stock had previously closed at $22.31.

Analyst Ratings Changes

A number of research firms recently issued reports on PRMRF. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Paramount Resources in a research report on Wednesday. ATB Cormark Capital Markets lowered Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, March 3rd. Scotiabank reaffirmed an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Jefferies Financial Group reiterated a “buy” rating on shares of Paramount Resources in a research note on Tuesday. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy”.

Paramount Resources Stock Performance

The stock has a fifty day moving average price of $21.15 and a 200 day moving average price of $18.88. The company has a current ratio of 3.77, a quick ratio of 3.77 and a debt-to-equity ratio of 0.10. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of 88.16 and a beta of 0.64.

Paramount Resources (OTCMKTS:PRMRF) last announced its earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Paramount Resources had a return on equity of 2.00% and a net margin of 6.65%.The firm had revenue of $164.35 million during the quarter, compared to analysts’ expectations of $119.34 million. As a group, analysts predict that Paramount Resources Ltd. will post 0.71 earnings per share 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.