CIBC Cuts Paramount Resources (TSE:POU) Price Target to C$24.50

Paramount Resources (TSE:POU) had its price target decreased by CIBC from C$39.50 to C$24.50 in a research report sent to investors on Wednesday,BayStreet.CA reports.

A number of other analysts have also recently commented on POU. Cormark upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 15th. Royal Bank of Canada reduced their price target on shares of Paramount Resources from C$34.00 to C$19.00 in a research report on Tuesday. Scotiabank dropped their price objective on shares of Paramount Resources from C$46.00 to C$31.00 in a report on Wednesday. Finally, Jefferies Financial Group cut their target price on shares of Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Three 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 stock. According to MarketBeat.com, Paramount Resources presently has a consensus rating of “Moderate Buy” and an average price target of C$31.67.

Paramount Resources Price Performance

Shares of POU opened at C$17.65 on Wednesday. The firm has a fifty day simple moving average of C$29.94 and a two-hundred day simple moving average of C$28.63. The firm has a market cap of C$2.63 billion, a PE ratio of 7.23, a P/E/G ratio of 0.14 and a beta of 3.04. The company has a current ratio of 0.62, a quick ratio of 0.68 and a debt-to-equity ratio of 2.06. Paramount Resources has a 1-year low of C$16.60 and a 1-year high of C$33.06.

Paramount Resources Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $0.60 annualized dividend and a dividend yield of 3.40%. Paramount Resources’s payout ratio is 73.70%.

Insider Buying and Selling

In related news, insider Brenda Gail Riddell bought 100,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased 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 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. 45.36% of the stock is currently owned by insiders.

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.