Paramount Resources (TSE:POU) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Paramount Resources Ltd. (TSE:POU) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$28.94 and traded as high as C$31.94. Paramount Resources shares last traded at C$31.82, with a volume of 398,114 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Royal Bank of Canada upped their price target on Paramount Resources from C$34.00 to C$37.00 in a research note on Friday, November 15th. Cibc World Mkts raised shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 17th. CIBC boosted their price objective on shares of Paramount Resources from C$38.00 to C$39.50 in a research note on Friday, November 15th. Cormark raised shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 15th. Finally, Scotiabank lifted their target price on shares of Paramount Resources from C$43.00 to C$44.00 in a report on Friday, November 15th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$38.20.

Paramount Resources Stock Up 0.6 %

The business has a 50-day simple moving average of C$29.58 and a 200-day simple moving average of C$28.96. The company has a quick ratio of 0.68, a current ratio of 0.75 and a debt-to-equity ratio of 0.83. The stock has a market cap of C$4.70 billion, a P/E ratio of 13.57, a PEG ratio of 0.14 and a beta of 3.04.

Paramount Resources Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 31st will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.62%. Paramount Resources’s dividend payout ratio (DPR) is presently 76.27%.

Insider Buying and Selling

In other Paramount Resources news, insider Brenda Gail Riddell acquired 100,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of C$31.30 per share, for a total transaction of C$3,129,630.00. Also, Senior Officer Michael S. Han sold 8,320 shares of Paramount Resources stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of C$30.86, for a total transaction of C$256,788.48. Over the last quarter, insiders have sold 88,320 shares of company stock valued at $2,730,172. 45.36% of the stock is 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.