Paramount Resources (TSE:POU) Hits New 1-Year High on Insider Buying Activity

Paramount Resources Ltd. (TSE:POU)’s stock price reached a new 52-week high on Thursday after an insider bought additional shares in the company. The company traded as high as C$31.43 and last traded at C$31.28, with a volume of 124723 shares. The stock had previously closed at C$30.59.

Specifically, insider Rodrigo Sousa bought 6,946 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average cost of C$30.50 per share, with a total value of C$211,853.00. Following the completion of the transaction, the insider directly owned 25,100 shares of the company’s stock, valued at C$765,550. This represents a 38.26% increase in their position. Also, insider Rodrigo Sousa bought 1,058 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was purchased at an average cost of C$30.75 per share, with a total value of C$32,533.50. Following the completion of the transaction, the insider directly owned 7,350 shares of the company’s stock, valued at approximately C$226,012.50. The trade was a 16.82% increase in their ownership of the stock. In related news, insider Rodrigo Sousa purchased 1,684 shares of Paramount Resources stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of C$30.60 per share, for a total transaction of C$51,530.40. Following the completion of the transaction, the insider owned 380,000 shares in the company, valued at C$11,628,000. This trade represents a 0.45% increase in their ownership of the stock.

Analysts Set New Price Targets

POU has been the subject of several research analyst reports. Raymond James Financial lifted their price objective on Paramount Resources from C$34.00 to C$36.00 and gave the company an “outperform” rating in a research note on Wednesday. Scotiabank lifted their price target on Paramount Resources from C$29.00 to C$31.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. BMO Capital Markets lifted their price target on Paramount Resources from C$24.00 to C$32.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 4th. ATB Cormark Capital Markets lifted their price target on Paramount Resources from C$28.00 to C$33.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 4th. Finally, Canadian Imperial Bank of Commerce lifted their price target on Paramount Resources from C$25.50 to C$30.50 in a research note on Wednesday, March 4th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$32.94.

Paramount Resources Stock Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.68 and a current ratio of 3.77. The business has a 50 day moving average price of C$29.03 and a two-hundred day moving average price of C$26.03. The company has a market cap of C$4.53 billion, a P/E ratio of 3.56, a price-to-earnings-growth ratio of 0.14 and a beta of -0.03.

Paramount Resources (TSE:POU) last released its earnings results on Tuesday, May 12th. The company reported C$0.36 earnings per share for the quarter. Paramount Resources had a return on equity of 48.07% and a net margin of 129.11%.The company had revenue of C$276.20 million during the quarter. On average, sell-side analysts anticipate that Paramount Resources Ltd. will post 1.4075758 earnings per share for the current year.

Paramount Resources Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 29th will be issued a dividend of $0.05 per share. This represents a c) dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, May 15th. Paramount Resources’s payout ratio is currently 6.83%.

About Paramount Resources

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”.