Paramount Resources (OTCMKTS:PRMRF) Upgraded to “Strong-Buy” at Cibc World Mkts

Cibc World Mkts upgraded shares of Paramount Resources (OTCMKTS:PRMRF) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday morning, Zacks.com reports.

Paramount Resources Trading Up 0.5 %

Shares of OTCMKTS:PRMRF opened at $19.32 on Thursday. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 11.04 and a beta of 2.54. Paramount Resources has a 1 year low of $18.00 and a 1 year high of $24.95. The business has a fifty day simple moving average of $19.82 and a 200 day simple moving average of $21.50.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.42 earnings per share (EPS) for the quarter. Paramount Resources had a return on equity of 9.90% and a net margin of 19.56%. The business had revenue of $324.22 million during the quarter. On average, sell-side analysts forecast that Paramount Resources will post 1.8 EPS for the current year.

Paramount Resources Cuts Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a $0.111 dividend. This represents a dividend yield of 6.63%. The ex-dividend date is Tuesday, October 15th. Paramount Resources’s payout ratio is presently 76.00%.

Paramount Resources Company Profile

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.