Paramount Resources (OTCMKTS:PRMRF) Shares Pass Above Fifty Day Moving Average – What’s Next?

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $20.80 and traded as high as $23.85. Paramount Resources shares last traded at $23.84, with a volume of 20,512 shares.

Wall Street Analyst Weigh In

PRMRF has been the topic of several recent research reports. Scotiabank reiterated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research report on Friday, August 7th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a research note on Friday, July 10th. Zacks Research cut shares of Paramount Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Paramount Resources in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Paramount Resources presently has a consensus rating of “Moderate Buy”.

Paramount Resources Stock Performance

The firm has a market cap of $3.48 billion, a PE ratio of 41.82 and a beta of 0.63. The company’s 50-day simple moving average is $20.80 and its two-hundred day simple moving average is $20.92.

Paramount Resources (OTCMKTS:PRMRF) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. Paramount Resources had a net margin of 12.52% and a return on equity of 4.33%. The firm had revenue of $183.53 million during the quarter, compared to the consensus estimate of $151.36 million. On average, analysts expect that Paramount Resources Ltd. will post 1.08 EPS for the current year.

About Paramount Resources

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.