Paramount Resources (TSE:POU) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Paramount Resources Ltd. (TSE:POU) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$28.79 and traded as high as C$32.65. Paramount Resources shares last traded at C$32.45, with a volume of 753,591 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Cormark upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Friday, November 15th. Scotiabank increased their price objective on Paramount Resources from C$44.00 to C$46.00 in a research note on Friday, January 17th. Royal Bank of Canada lifted their target price on Paramount Resources from C$34.00 to C$37.00 in a research report on Friday, November 15th. CIBC increased their price target on Paramount Resources from C$38.00 to C$39.50 in a research report on Friday, November 15th. Finally, Cibc World Mkts raised shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$38.67.

Paramount Resources Stock Up 0.4 %

The company has a market capitalization of C$4.76 billion, a P/E ratio of 13.75, a PEG ratio of 0.14 and a beta of 3.04. The stock has a 50 day moving average price of C$30.56 and a 200 day moving average price of C$28.79. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.68 and a current ratio of 0.75.

Paramount Resources Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 28th will be paid a $0.05 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Thursday, February 20th. Paramount Resources’s payout ratio is 76.27%.

Insider Transactions at Paramount Resources

In other news, insider Brenda Gail Riddell acquired 100,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average cost of C$31.30 per share, for a total transaction of C$3,129,630.00. Also, Senior Officer David Blake Reid sold 68,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of C$30.90, for a total transaction of C$2,101,200.00. In the last quarter, insiders purchased 103,248 shares of company stock worth $3,231,616 and sold 88,320 shares worth $2,730,172. 45.36% of the stock is currently owned by company insiders.

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.