Paramount Resources (OTCMKTS:PRMRF) Sets New 52-Week High – Time to Buy?

Paramount Resources Ltd. (OTCMKTS:PRMRF) shares reached a new 52-week high during trading on Thursday . The company traded as high as $19.4140 and last traded at $19.16, with a volume of 1915 shares changing hands. The stock had previously closed at $18.48.

Wall Street Analyst Weigh In

PRMRF has been the topic of a number of recent analyst reports. Raymond James Financial upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Thursday, January 15th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Paramount Resources in a report on Wednesday, November 5th. Finally, Scotiabank reiterated an “outperform” rating on shares of Paramount Resources in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Paramount Resources presently has a consensus rating of “Moderate Buy”.

Paramount Resources Trading Up 0.8%

The stock has a market capitalization of $2.78 billion, a PE ratio of 2.94 and a beta of 0.80. The business has a fifty day moving average price of $17.79 and a 200-day moving average price of $16.59.

Paramount Resources Company Profile

Paramount Resources Ltd. is a Calgary, Alberta–based energy company engaged in the exploration, development and production of conventional and unconventional oil and natural gas resources. The company’s operations span acquisition of acreage, drilling and completion activities, reservoir optimization and production marketing, with a focus on upstream activities. Paramount also holds a portfolio of royalty interests that generate recurring cash flows from production by third parties.

Paramount’s core operating regions are located within the Western Canadian Sedimentary Basin, primarily in Alberta and northeastern British Columbia.