Paramount Resources (OTCMKTS:PRMRF) Share Price Crosses 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 Wednesday . The stock has a 50 day moving average of $20.86 and traded as high as $20.97. Paramount Resources shares last traded at $20.88, with a volume of 27,359 shares changing hands.

Analyst Upgrades and Downgrades

PRMRF has been the topic of several recent research reports. Royal Bank Of Canada restated a “sector perform” rating on shares of Paramount Resources in a research report on Wednesday, May 13th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Paramount Resources in a research note on Friday, July 10th. Scotiabank reissued a “sector perform” rating on shares of Paramount Resources in a report on Friday, July 17th. Zacks Research downgraded Paramount Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Paramount Resources in a report on Tuesday, May 12th. One equities research 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Paramount Resources Trading Up 2.3%

The company’s fifty day simple moving average is $20.86 and its 200 day simple moving average is $20.39. The stock has a market capitalization of $3.05 billion, a P/E ratio of 80.31 and a beta of 0.63.

Paramount Resources (OTCMKTS:PRMRF) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Paramount Resources had a net margin of 6.65% and a return on equity of 1.98%. The firm had revenue of $164.34 million for the quarter, compared to analysts’ expectations of $119.34 million. Equities research analysts predict that Paramount Resources Ltd. will post 1.07 earnings per share 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.