Scotiabank Forecasts Strong Price Appreciation for Paramount Resources (TSE:POU) Stock

Paramount Resources (TSE:POU) had its price target boosted by equities researchers at Scotiabank from C$43.00 to C$44.00 in a research report issued on Friday,BayStreet.CA reports. Scotiabank’s target price suggests a potential upside of 42.21% from the stock’s current price.

Several other analysts have also recently weighed in on POU. Jefferies Financial Group cut their price target on shares of Paramount Resources from C$36.00 to C$29.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Cibc World Mkts upgraded shares of Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Finally, Cormark upgraded shares of Paramount Resources to a “hold” rating in a research note on Monday, September 23rd. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Paramount Resources presently has an average rating of “Moderate Buy” and an average target price of C$37.60.

Paramount Resources Stock Down 1.2 %

Shares of POU traded down C$0.37 during trading hours on Friday, reaching C$30.94. 451,968 shares of the stock traded hands, compared to its average volume of 297,653. The stock has a fifty day simple moving average of C$26.68 and a 200 day simple moving average of C$29.22. The company has a market cap of C$4.54 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.14 and a beta of 3.04. The company has a current ratio of 0.75, a quick ratio of 0.68 and a debt-to-equity ratio of 0.83. Paramount Resources has a 52 week low of C$24.51 and a 52 week high of C$33.06.

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.