Paramount Resources (TSE:POU) Price Target Lowered to C$31.00 at Scotiabank

Paramount Resources (TSE:POU) had its price target cut by Scotiabank from C$46.00 to C$31.00 in a report released on Wednesday,BayStreet.CA reports. Scotiabank’s price target would indicate a potential upside of 70.52% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. CIBC raised their target price on shares of Paramount Resources from C$38.00 to C$39.50 in a report on Friday, November 15th. Jefferies Financial Group reduced their target price on Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Royal Bank of Canada reduced their price objective on shares of Paramount Resources from C$34.00 to C$19.00 in a research note on Tuesday. Finally, Cormark raised shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Paramount Resources has a consensus rating of “Moderate Buy” and an average price target of C$31.67.

Paramount Resources Price Performance

POU traded up C$0.05 during trading on Wednesday, reaching C$18.18. The stock had a trading volume of 736,768 shares, compared to its average volume of 962,645. The stock has a 50 day moving average of C$30.70 and a two-hundred day moving average of 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. The firm has a market capitalization of C$2.71 billion, a price-to-earnings ratio of 7.44, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04. Paramount Resources has a 1-year low of C$16.60 and a 1-year high of C$33.06.

Insider Activity at Paramount Resources

In related news, Director Kimberley Elizabeth Lynch Proctor bought 3,000 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of C$31.36 per share, with a total value of C$94,080.00. Also, insider Brenda Gail Riddell bought 100,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were acquired at an average price of C$31.30 per share, with a total value of C$3,129,630.00. Over the last quarter, insiders have acquired 103,248 shares of company stock valued at $3,231,616. 45.36% of the stock is currently owned by corporate 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.