Paramount Resources (OTCMKTS:PRMRF) Share Price Passes Below 50-Day Moving Average - Here's Why

Shares of Paramount Resources Ltd. (OTCMKTS:PRMRF - Get Free Report) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $21.54 and traded as low as $21.14. Paramount Resources shares last traded at $21.38, with a volume of 174,597 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRMRF. Cormark upgraded shares of Paramount Resources from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 15th. Cibc World Mkts raised shares of Paramount Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 17th.

Paramount Resources Stock Down 2.4 %

The firm has a market capitalization of $3.07 billion, a PE ratio of 11.73 and a beta of 2.53. The business's fifty day moving average price is $21.57 and its 200 day moving average price is $20.80. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.01.

Paramount Resources Cuts Dividend

The business also recently declared a dividend, which will be paid on Friday, January 31st. Stockholders of record on Thursday, January 16th will be paid a dividend of $0.1043 per share. This represents a dividend yield of 5.65%. The ex-dividend date of this dividend is Wednesday, January 15th. Paramount Resources's dividend payout ratio (DPR) is presently 71.35%.

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.