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

Paramount Resources (TSE:POU) had its target price dropped by Scotiabank from C$46.00 to C$31.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Scotiabank’s target price suggests a potential upside of 70.52% from the company’s previous close.

A number of other research analysts have also recently commented on POU. Cormark upgraded Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 15th. Royal Bank of Canada cut their price target on shares of Paramount Resources from C$34.00 to C$19.00 in a research note on Tuesday. CIBC increased their target price on shares of Paramount Resources from C$38.00 to C$39.50 in a research note on Friday, November 15th. Finally, Jefferies Financial Group decreased their price target on Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of C$31.67.

Paramount Resources Price Performance

Shares of POU traded up C$0.05 during trading hours on Wednesday, hitting C$18.18. 736,768 shares of the stock were exchanged, compared to its average volume of 962,645. Paramount Resources has a 12-month low of C$16.60 and a 12-month high of C$33.06. The company has a market cap 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. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.68 and a current ratio of 0.62. The stock’s 50-day moving average price is C$30.70 and its two-hundred day moving average price is C$28.86.

Insiders Place Their Bets

In other Paramount Resources news, insider Brenda Gail Riddell bought 100,000 shares of Paramount Resources stock in a transaction that occurred on Monday, November 25th. The shares were acquired 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 the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of C$30.86, for a total value of C$256,788.48. Insiders bought 103,248 shares of company stock worth $3,231,616 over the last three months. 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.