Paramount Resources (TSE:POU) Hits New 52-Week High – Still a Buy?

Paramount Resources Ltd. (TSE:POU) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$33.32 and last traded at C$33.23, with a volume of 392426 shares trading hands. The stock had previously closed at C$32.06.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on POU shares. ATB Cormark Capital Markets boosted their target price on shares of Paramount Resources from C$28.00 to C$33.00 and gave the company an “outperform” rating in a research note on Wednesday, March 4th. Raymond James Financial upped their price objective on shares of Paramount Resources from C$34.00 to C$36.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. National Bank Financial upped their price objective 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. Royal Bank Of Canada upped their price objective on shares of Paramount Resources from C$32.00 to C$35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 13th. Finally, BMO Capital Markets upped their price objective on shares of Paramount Resources from C$24.00 to C$32.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$32.94.

Paramount Resources Price Performance

The company has a quick ratio of 0.68, a current ratio of 2.57 and a debt-to-equity ratio of 0.89. The stock’s 50-day simple moving average is C$29.39 and its two-hundred day simple moving average is C$26.43. The company has a market capitalization of C$4.78 billion, a price-to-earnings ratio of 82.20, a PEG ratio of 0.14 and a beta of -0.03.

Paramount Resources (TSE:POU) last posted its quarterly earnings data on Tuesday, May 12th. The company reported C$0.36 earnings per share for the quarter. The company had revenue of C$276.20 million during the quarter. Paramount Resources had a net margin of 5.90% and a return on equity of 1.96%. Equities research analysts predict that Paramount Resources Ltd. will post 1.4075758 earnings per share for the current year.

Paramount Resources Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 29th will be given a $0.05 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, May 15th. Paramount Resources’s dividend payout ratio is 150.00%.

Insider Buying and Selling at Paramount Resources

In other news, insider John B. Williams sold 6,800 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of C$30.45, for a total value of C$207,060.00. Following the completion of the sale, the insider directly 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. Also, insider David Blake Reid sold 25,000 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of C$30.90, for a total transaction of C$772,500.00. Following the completion of the sale, the insider owned 172,313 shares of the company’s stock, valued at C$5,324,471.70. This trade represents a 12.67% decrease in their ownership of the stock. Over the last ninety days, insiders have acquired 9,688 shares of company stock valued at $295,917 and have sold 48,000 shares valued at $1,475,440. 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”.