Paramount Resources (OTCMKTS:PRMRF) Raised to Strong-Buy at Cibc World Mkts

Cibc World Mkts upgraded shares of Paramount Resources (OTCMKTS:PRMRF) from a hold rating to a strong-buy rating in a report published on Thursday morning, Zacks.com reports.

Paramount Resources Price Performance

Shares of OTCMKTS:PRMRF opened at $19.32 on Thursday. The company’s 50-day moving average price is $19.82 and its two-hundred day moving average price is $21.51. Paramount Resources has a one year low of $18.00 and a one year high of $24.95. The stock has a market capitalization of $2.84 billion, a PE ratio of 11.04 and a beta of 2.54.

Paramount Resources (OTCMKTS:PRMRF) last released its earnings results on Thursday, August 1st. The company reported $0.42 earnings per share for the quarter. Paramount Resources had a net margin of 19.56% and a return on equity of 9.90%. The business had revenue of $324.22 million during the quarter. On average, analysts anticipate that Paramount Resources will post 1.8 earnings per share for the current fiscal year.

Paramount Resources Cuts Dividend

The company also recently announced a dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a $0.111 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a yield of 6.63%. Paramount Resources’s dividend payout ratio (DPR) is currently 76.00%.

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.