CIBC Cuts Paramount Resources (TSE:POU) Price Target to C$24.50

Paramount Resources (TSE:POU) had its price objective decreased by research analysts at CIBC from C$39.50 to C$24.50 in a research note issued on Wednesday,BayStreet.CA reports. CIBC’s target price would indicate a potential upside of 34.76% from the company’s previous close.

A number of other brokerages have also commented on POU. Jefferies Financial Group cut 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. Scotiabank cut their target price on Paramount Resources from C$46.00 to C$31.00 in a research note on Wednesday. Royal Bank of Canada reduced their target price on shares of Paramount Resources from C$34.00 to C$19.00 in a research report on Tuesday. Finally, Cormark upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a research note on Friday, November 15th. Two equities research 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, the company has an average rating of “Moderate Buy” and a consensus target price of C$31.67.

Paramount Resources Stock Performance

TSE:POU traded up C$0.05 during mid-day trading on Wednesday, reaching C$18.18. 736,768 shares of the company’s stock were exchanged, compared to its average volume of 962,645. The business’s fifty day simple moving average is C$30.70 and its two-hundred day simple moving average is C$28.86. Paramount Resources has a one year low of C$16.60 and a one year high of C$33.06. 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 firm has a market capitalization of C$2.71 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04.

Insider Activity at Paramount Resources

In other news, Director Kimberley Elizabeth Lynch Proctor bought 3,000 shares of Paramount Resources stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of C$31.36 per share, with a total value of C$94,080.00. Also, Senior Officer Michael S. Han sold 8,320 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of C$30.86, for a total value of C$256,788.48. In the last three months, insiders have purchased 103,248 shares of company stock valued at $3,231,616. 45.36% of the stock is owned by corporate 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.