CIBC Raises Paramount Resources (TSE:POU) Price Target to C$37.00

Paramount Resources (TSE:POU) had its price objective increased by CIBC from C$35.00 to C$37.00 in a report published on Friday morning, BayStreet.CA reports. CIBC currently has a neutral rating on the stock.

Several other analysts also recently commented on the stock. Cormark downgraded shares of Paramount Resources from a buy rating to a market perform rating and decreased their price objective for the company from C$40.00 to C$37.50 in a research report on Thursday, March 7th. Scotiabank lowered their price objective on Paramount Resources from C$30.00 to C$29.00 and set an outperform rating on the stock in a research report on Thursday, March 7th. Stifel Nicolaus lifted their target price on Paramount Resources from C$36.00 to C$37.00 and gave the company a buy rating in a research note on Friday. BMO Capital Markets increased their price objective on shares of Paramount Resources from C$37.00 to C$38.50 and gave the company an outperform rating in a report on Friday. Finally, Raymond James lowered their target price on shares of Paramount Resources from C$40.00 to C$36.00 and set an outperform rating on the stock in a report on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of C$35.80.

Paramount Resources Price Performance

Shares of Paramount Resources stock opened at C$32.05 on Friday. The stock’s fifty day moving average is C$28.80 and its 200 day moving average is C$27.90. Paramount Resources has a one year low of C$24.59 and a one year high of C$33.80. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.68 and a current ratio of 0.71. The stock has a market cap of C$4.63 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.14 and a beta of 3.23.

Paramount Resources (TSE:POU) last posted its quarterly earnings data on Wednesday, March 6th. The company reported C$0.75 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.95 by C($0.20). Paramount Resources had a net margin of 26.13% and a return on equity of 13.67%. The company had revenue of C$470.50 million for the quarter, compared to analysts’ expectations of C$436.00 million. Sell-side analysts anticipate that Paramount Resources will post 2.3708207 earnings per share for the current year.

Paramount Resources Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 31st will be given a dividend of $0.15 per share. This represents a $1.80 annualized dividend and a dividend yield of 5.62%. This is a boost from Paramount Resources’s previous monthly dividend of $0.13. The ex-dividend date is Tuesday, May 14th. Paramount Resources’s dividend payout ratio is currently 47.32%.

Insider Buying and Selling

In other Paramount Resources news, Senior Officer Bernard K. Lee sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of C$30.50, for a total transaction of C$610,000.00. In related news, Senior Officer Michael S. Han sold 30,040 shares of Paramount Resources stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of C$28.00, for a total transaction of C$841,120.00. Also, Senior Officer Bernard K. Lee sold 20,000 shares of the company’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of C$30.50, for a total transaction of C$610,000.00. Over the last quarter, insiders sold 69,655 shares of company stock worth $2,021,257. Corporate insiders own 45.75% of the company’s stock.

About Paramount Resources

Paramount Resources Ltd. explores for and develops conventional and unconventional petroleum and natural gas reserves and resources in Canada. The company holds interests in the Karr and Wapiti Montney properties covering an area of 109,000 net acres located south of the city of Grande Prairie, Alberta; Kaybob North Duvernay development and natural gas producing properties covering an area of 124,000 net acres located in west-central Alberta; and Willesden Green Duvernay development in central Alberta and shale gas producing properties in the Horn River Basin in northeast British Columbia covering an area of 249,000 net acres.