Paramount Resources (TSE:POU) Given New C$24.50 Price Target at CIBC

Paramount Resources (TSE:POU) had its price objective cut by CIBC from C$39.50 to C$24.50 in a report released on Wednesday,BayStreet.CA reports.

A number of other research firms have also weighed in on POU. Cormark raised shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Friday, November 15th. Royal Bank of Canada lowered their target price on Paramount Resources from C$34.00 to C$19.00 in a research report on Tuesday. Scotiabank reduced their price target on Paramount Resources from C$46.00 to C$31.00 in a research report on Wednesday. Finally, Jefferies Financial Group lowered their price objective on Paramount Resources from C$37.00 to C$35.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Paramount Resources has a consensus rating of “Moderate Buy” and a consensus price target of C$31.67.

Paramount Resources Stock Performance

Shares of POU stock opened at C$18.29 on Wednesday. The firm has a market capitalization of C$2.72 billion, a price-to-earnings ratio of 7.49, a PEG ratio of 0.14 and a beta of 3.04. The company has a current ratio of 0.62, a quick ratio of 0.68 and a debt-to-equity ratio of 2.06. The business’s 50-day moving average price is C$30.19 and its 200-day moving average price is C$28.71. Paramount Resources has a 12 month low of C$16.60 and a 12 month high of C$33.06.

Paramount Resources Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $0.60 annualized dividend and a dividend yield of 3.28%. Paramount Resources’s dividend payout ratio is currently 73.70%.

Insider Transactions at Paramount Resources

In other news, Senior Officer Michael S. Han sold 8,320 shares of the company’s stock in a transaction that occurred 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. Also, Director Kimberley Elizabeth Lynch Proctor bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average price of C$31.36 per share, for a total transaction of C$94,080.00. Insiders have purchased 103,248 shares of company stock valued at $3,231,616 in the last 90 days. 45.36% of the stock is currently owned by corporate insiders.

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.