Royal Bank of Canada Issues Positive Forecast for Paramount Resources (TSE:POU) Stock Price

Paramount Resources (TSE:POU) had its target price increased by equities researchers at Royal Bank of Canada from C$34.00 to C$37.00 in a report released on Friday,BayStreet.CA reports. Royal Bank of Canada’s price target suggests a potential upside of 19.59% from the stock’s previous close.

POU has been the topic of several other reports. Jefferies Financial Group cut their target price on shares of Paramount Resources from C$36.00 to C$29.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Cibc World Mkts upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 17th. Scotiabank lifted their target price on shares of Paramount Resources from C$43.00 to C$44.00 in a research report on Friday. Finally, Cormark upgraded shares of Paramount Resources to a “hold” rating in a research report on Monday, September 23rd. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$37.60.

Paramount Resources Price Performance

Shares of POU traded down C$0.37 during mid-day trading on Friday, reaching C$30.94. The company had a trading volume of 451,968 shares, compared to its average volume of 297,653. The company’s 50 day simple moving average is C$26.68 and its 200 day simple moving average is C$29.22. Paramount Resources has a 1-year low of C$24.51 and a 1-year high of C$33.06. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.68 and a current ratio of 0.75. The company has a market capitalization of C$4.54 billion, a price-to-earnings ratio of 13.01, a P/E/G ratio of 0.14 and a beta of 3.04.

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.