Scotiabank Raises Paramount Resources (TSE:POU) Price Target to C$46.00

Paramount Resources (TSE:POU) had its target price raised by equities researchers at Scotiabank from C$44.00 to C$46.00 in a research note issued to investors on Friday,BayStreet.CA reports. Scotiabank’s price target suggests a potential upside of 55.14% from the stock’s current price.

Several other equities analysts also recently commented on the company. Royal Bank of Canada upped their price objective on Paramount Resources from C$34.00 to C$37.00 in a research note on Friday, November 15th. Cormark raised shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Friday, November 15th. CIBC upped their price target on shares of Paramount Resources from C$38.00 to C$39.50 in a report on Friday, November 15th. Cibc World Mkts raised shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Finally, Jefferies Financial Group decreased their price target on shares of Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$38.40.

Paramount Resources Price Performance

Shares of TSE POU opened at C$29.65 on Friday. Paramount Resources has a fifty-two week low of C$24.51 and a fifty-two week high of C$33.06. The firm’s 50-day simple moving average is C$30.62 and its 200 day simple moving average is C$28.96. The stock has a market cap of C$4.35 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.14 and a beta of 3.04. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.68 and a current ratio of 0.75.

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 shares were bought 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 stock was sold at an average price of C$30.86, for a total transaction of C$256,788.48. Over the last three months, insiders purchased 103,248 shares of company stock valued at $3,231,616 and sold 88,320 shares valued at $2,730,172. 45.36% of the stock is 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.