Paramount Resources (TSE:POU) Shares Cross Above 200 Day Moving Average – Here’s Why

Shares of Paramount Resources Ltd. (TSE:POU) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$27.97 and traded as high as C$29.84. Paramount Resources shares last traded at C$29.66, with a volume of 151,482 shares.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on POU. Raymond James Financial increased their price objective on Paramount Resources from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Royal Bank Of Canada boosted their target price on shares of Paramount Resources from C$32.00 to C$35.00 and gave the company a “sector perform” rating in a report on Wednesday, May 13th. National Bank Financial upped their target price on shares of Paramount Resources from C$36.00 to C$38.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 13th. Finally, Scotiabank upgraded shares of Paramount Resources to a “hold” rating in a research note on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$32.94.

Paramount Resources Stock Up 1.9%

The company’s fifty day moving average price is C$29.53 and its 200-day moving average price is C$27.97. The stock has a market capitalization of C$4.33 billion, a PE ratio of 74.15, a price-to-earnings-growth ratio of 0.14 and a beta of -0.24. The company has a quick ratio of 0.68, a current ratio of 2.57 and a debt-to-equity ratio of 0.89.

Paramount Resources (TSE:POU) last issued its quarterly earnings results on Tuesday, May 12th. The company reported C$0.36 EPS for the quarter. The firm had revenue of C$276.20 million for the quarter. Paramount Resources had a return on equity of 1.96% and a net margin of 5.90%. Analysts forecast that Paramount Resources Ltd. will post 1.4075758 earnings per share for the current year.

Paramount Resources Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 31st will be issued a $0.05 dividend. This represents a c) annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, July 17th. Paramount Resources’s payout ratio is 150.00%.

Insiders Place Their Bets

In other news, insider Joerg Wittenberg sold 3,900 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of C$33.28, for a total transaction of C$129,792.00. Following the completion of the transaction, the insider directly owned 54,321 shares in the company, valued at C$1,807,802.88. This trade represents a 6.70% decrease in their ownership of the stock. Also, Director Dirk Jungé sold 8,850 shares of Paramount Resources stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of C$30.97, for a total value of C$274,084.50. Following the completion of the transaction, the director directly owned 57,915 shares of the company’s stock, valued at approximately C$1,793,627.55. This represents a 13.26% decrease in their position. In the last ninety days, insiders purchased 10,148 shares of company stock valued at $308,401 and sold 44,800 shares valued at $1,388,875. 45.36% of the stock is owned by insiders.

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”.