Paramount Resources (TSE:POU) Sets New 52-Week Low on Analyst Downgrade

Paramount Resources Ltd. (TSE:POU) shares hit a new 52-week low during trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from C$34.00 to C$19.00. The company traded as low as C$16.60 and last traded at C$17.07, with a volume of 226184 shares trading hands. The stock had previously closed at C$31.75.

A number of other research analysts have also weighed in on POU. Jefferies Financial Group decreased their target price on Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. CIBC upped their price objective on shares of Paramount Resources from C$38.00 to C$39.50 in a report on Friday, November 15th. Scotiabank raised their target price on shares of Paramount Resources from C$44.00 to C$46.00 in a research note on Friday, January 17th. Finally, Cormark upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 15th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of C$36.67.

Insider Buying and Selling

In other Paramount Resources news, Director Kimberley Elizabeth Lynch Proctor purchased 3,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of C$31.36 per share, with a total value of C$94,080.00. Also, Senior Officer Michael S. Han sold 8,320 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of C$30.86, for a total transaction of C$256,788.48. Insiders purchased a total of 103,248 shares of company stock valued at $3,231,616 in the last three months. Insiders own 45.36% of the company’s stock.

Paramount Resources Price Performance

The stock has a market capitalization of C$2.70 billion, a P/E ratio of 7.42, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04. The business’s 50 day simple moving average is C$30.70 and its two-hundred day simple moving average is C$28.86. The company has a quick ratio of 0.68, a current ratio of 0.62 and a debt-to-equity ratio of 2.06.

Paramount Resources Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 28th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $0.60 annualized dividend and a dividend yield of 3.31%. Paramount Resources’s dividend payout ratio is currently 73.70%.

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.