Scotiabank Issues Positive Forecast for Paramount Resources (TSE:POU) Stock Price

Paramount Resources (TSE:POU) had its price target increased by equities researchers at Scotiabank from C$43.00 to C$44.00 in a research note issued to investors on Friday,BayStreet.CA reports. Scotiabank’s price objective would indicate a potential upside of 42.21% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Cormark upgraded shares of Paramount Resources to a “hold” rating in a report on Monday, September 23rd. Jefferies Financial Group cut their price objective on shares of Paramount Resources from C$36.00 to C$29.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Finally, 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. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$37.60.

Paramount Resources Price Performance

Paramount Resources stock traded down C$0.37 during 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 firm’s 50-day simple moving average is C$26.68 and its 200 day simple moving average is C$29.22. 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 firm has a market capitalization of C$4.54 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04. Paramount Resources has a 1-year low of C$24.51 and a 1-year high of C$33.06.

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.