Paramount Resources (OTCMKTS:PRMRF) Shares Cross Below 50 Day Moving Average – Here’s Why

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $21.52 and traded as low as $18.8380. Paramount Resources shares last traded at $19.1341, with a volume of 3,416,962 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently commented on PRMRF. Jefferies Financial Group reiterated a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Scotiabank raised Paramount Resources to a “hold” rating in a research report on Friday, June 26th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Paramount Resources in a research note on Wednesday, May 13th. Finally, Zacks Research raised Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Paramount Resources has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Up 0.8%

The company has a market cap of $2.79 billion, a P/E ratio of 73.60 and a beta of 0.63. The stock has a 50 day moving average price of $21.52 and a two-hundred day moving average price of $19.97.

Paramount Resources (OTCMKTS:PRMRF) last released 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. Paramount Resources had a return on equity of 1.98% and a net margin of 6.65%.The business had revenue of $164.34 million during the quarter, compared to the consensus estimate of $119.34 million. Equities analysts anticipate that Paramount Resources Ltd. will post 1.06 EPS 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.