Paramount Resources Ltd. (OTCMKTS:PRMRF) Sees Large Decline in Short Interest

Paramount Resources Ltd. (OTCMKTS:PRMRF) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 3,175,500 shares, a drop of 25.4% from the February 28th total of 4,257,100 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily trading volume, of 201,500 shares, the days-to-cover ratio is presently 15.8 days.

Analysts Set New Price Targets

Separately, National Bank Financial cut Paramount Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th.

Paramount Resources Trading Down 1.7 %

Shares of PRMRF traded down $0.22 during trading hours on Monday, reaching $12.78. 12,470 shares of the company traded hands, compared to its average volume of 108,264. Paramount Resources has a 12 month low of $9.89 and a 12 month high of $24.84. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 7.18 and a beta of 2.46. The company’s fifty day moving average price is $15.78 and its two-hundred day moving average price is $18.92. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.01.

Paramount Resources Increases Dividend

The company also recently announced a dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be given a $0.0345 dividend. The ex-dividend date is Monday, March 17th. This represents a dividend yield of 3.61%. This is a positive change from Paramount Resources’s previous dividend of $0.03. Paramount Resources’s dividend payout ratio is currently 24.70%.

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.