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

Paramount Resources (TSE:POU - Free Report) had its price target cut by Scotiabank from C$46.00 to C$31.00 in a report issued on Wednesday,BayStreet.CA reports.

Several other brokerages have also weighed in on POU. Royal Bank of Canada cut their price objective on Paramount Resources from C$34.00 to C$19.00 in a report on Tuesday. Jefferies Financial Group cut their price objective on Paramount Resources from C$37.00 to C$35.00 and set a "buy" rating for the company in a report on Thursday, December 19th. CIBC upped their price objective on Paramount Resources from C$38.00 to C$39.50 in a report on Friday, November 15th. Finally, Cormark upgraded Paramount Resources from a "hold" rating to a "moderate buy" rating in a report on Friday, November 15th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Paramount Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of C$31.67.

Paramount Resources Price Performance

Shares of Paramount Resources stock traded down C$0.44 during trading on Wednesday, hitting C$17.65. The stock had a trading volume of 1,430,233 shares, compared to its average volume of 1,027,952. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.62 and a quick ratio of 0.68. The firm has a market cap of C$2.63 billion, a P/E ratio of 7.23, a PEG ratio of 0.14 and a beta of 3.04. The business has a fifty day moving average of C$29.94 and a two-hundred day moving average of C$28.63. Paramount Resources has a fifty-two week low of C$16.60 and a fifty-two week high of C$33.06.

Paramount Resources Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 28th will be given a dividend of $0.05 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, February 20th. Paramount Resources's dividend payout ratio (DPR) is presently 73.70%.

Insider Activity at Paramount Resources

In other Paramount Resources news, insider Brenda Gail Riddell purchased 100,000 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of C$31.30 per share, with a total value of C$3,129,630.00. Also, Senior Officer Michael S. Han sold 8,320 shares of the company's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of C$30.86, for a total value of C$256,788.48. 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.