Paramount Resources (OTCMKTS:PRMRF) Shares Gap Up – Still a Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF) gapped up prior to trading on Friday . The stock had previously closed at $22.31, but opened at $23.3931. Paramount Resources shares last traded at $22.83, with a volume of 1,220 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PRMRF. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research note on Wednesday. ATB Cormark Capital Markets lowered Paramount Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, March 3rd. Roth Mkm upgraded Paramount Resources to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy”.

Paramount Resources Stock Up 1.1%

The firm has a fifty day moving average price of $21.17 and a 200 day moving average price of $18.93. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.10. The company has a market cap of $3.35 billion, a P/E ratio of 88.77 and a beta of 0.64.

Paramount Resources (OTCMKTS:PRMRF) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $164.35 million for the quarter, compared to analysts’ expectations of $119.34 million. Paramount Resources had a return on equity of 2.00% and a net margin of 6.65%. Equities research analysts forecast that Paramount Resources Ltd. will post 1.06 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.