Paramount Resources (TSE:POU) Hits New 12-Month High – Here’s Why

Paramount Resources Ltd. (TSE:POU) shares hit a new 52-week high on Thursday . The company traded as high as C$30.86 and last traded at C$30.74, with a volume of 133510 shares trading hands. The stock had previously closed at C$30.49.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on POU shares. Canadian Imperial Bank of Commerce lifted their target price on shares of Paramount Resources from C$25.50 to C$30.50 in a research note on Wednesday, March 4th. BMO Capital Markets lifted their target price on shares of Paramount Resources from C$24.00 to C$32.00 and gave the company an “outperform” rating in a research note on Wednesday, March 4th. National Bank Financial lifted their target price on shares of Paramount Resources from C$32.00 to C$32.50 and gave the company a “sector perform” rating in a research note on Wednesday, March 4th. Raymond James Financial boosted their price objective on shares of Paramount Resources from C$29.00 to C$31.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 4th. Finally, Jefferies Financial Group dropped their price objective on shares of Paramount Resources from C$29.00 to C$28.00 in a research note on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Paramount Resources has a consensus rating of “Moderate Buy” and an average price target of C$31.22.

Paramount Resources Stock Up 0.8%

The firm has a market capitalization of C$4.46 billion, a P/E ratio of 3.50, a P/E/G ratio of 0.14 and a beta of -0.05. The company has a fifty day simple moving average of C$28.43 and a 200 day simple moving average of C$25.56. The company has a quick ratio of 0.68, a current ratio of 3.77 and a debt-to-equity ratio of 0.94.

Paramount Resources (TSE:POU) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported C($0.03) earnings per share for the quarter. The company had revenue of C$262.50 million for the quarter. Paramount Resources had a net margin of 129.11% and a return on equity of 48.07%. On average, equities analysts expect that Paramount Resources Ltd. will post 1.4075758 EPS for the current fiscal year.

Paramount Resources Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 30th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a c) annualized dividend and a yield of 2.0%. Paramount Resources’s payout ratio is 6.83%.

Insider Activity

In other news, insider John B. Williams sold 6,800 shares of the stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of C$30.45, for a total transaction of C$207,060.00. Following the sale, the insider owned 171,285 shares in the company, valued at C$5,215,628.25. This represents a 3.82% decrease in their ownership of the stock. Insiders have sold a total of 18,000 shares of company stock valued at $546,140 in the last 90 days. Corporate insiders own 45.36% of the company’s stock.

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”.