Paramount Resources (TSE:POU) Shares Cross Above 50 Day Moving Average – Here’s Why

Paramount Resources Ltd. (TSE:POU)’s stock price passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of C$32.20 and traded as high as C$33.00. Paramount Resources shares last traded at C$32.96, with a volume of 340,221 shares changing hands.

Wall Street Analysts Forecast Growth

POU has been the subject of a number of research analyst reports. Scotiabank upgraded Paramount Resources from a “hold” rating to a “sector outperform” rating and lifted their price target for the stock from C$40.00 to C$42.00 in a report on Monday. ATB Cormark Capital Markets boosted 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. Royal Bank Of Canada upped their price objective on Paramount Resources from C$35.00 to C$37.00 and gave the company a “sector perform” rating in a research note on Friday, August 7th. Scotia raised 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. Finally, BMO Capital Markets raised their price objective on Paramount Resources from C$35.00 to C$37.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Paramount Resources currently has an average rating of “Moderate Buy” and a consensus price target of C$35.45.

Paramount Resources Stock Performance

The company’s fifty day simple moving average is C$32.25 and its 200 day simple moving average is C$29.88. The company has a quick ratio of 0.68, a current ratio of 1.30 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of C$4.72 billion, a price-to-earnings ratio of -17.39, a P/E/G ratio of 0.14 and a beta of -0.07.

Paramount Resources (TSE:POU) last announced its earnings results on Thursday, November 5th. The company reported C($2.65) EPS for the quarter. Paramount Resources had a negative return on equity of 10.12% and a negative net margin of 22.36%. The company had revenue of C$257.10 million for the quarter. On average, equities research analysts expect that Paramount Resources Ltd. will post 1.41 earnings per share for the current year.

Paramount Resources Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 30th will be issued a dividend of $0.05 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, November 16th. Paramount Resources’s payout ratio is currently -32.26%.

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”.