Paramount Resources (TSE:POU) Share Price Crosses Above 200 Day Moving Average - Here's Why

Paramount Resources Ltd. (TSE:POU - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$28.94 and traded as high as C$32.14. Paramount Resources shares last traded at C$31.78, with a volume of 291,122 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on POU shares. Cormark raised Paramount Resources from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 15th. Jefferies Financial Group reduced their price target 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 increased their price objective on Paramount Resources from C$38.00 to C$39.50 in a report on Friday, November 15th. Cibc World Mkts upgraded shares of Paramount Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada boosted their target price on shares of Paramount Resources from C$34.00 to C$37.00 in a research report on Friday, November 15th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of C$38.20.

Paramount Resources Stock Performance

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.68 and a current ratio of 0.75. The stock's 50-day simple moving average is C$30.19 and its two-hundred day simple moving average is C$28.98. The stock has a market cap of C$4.66 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04.

Paramount Resources Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 31st will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $1.80 annualized dividend and a yield of 5.66%. Paramount Resources's payout ratio is 76.27%.

Insider Buying and Selling at Paramount Resources

In other news, Senior Officer Michael S. Han sold 8,320 shares of the company's stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of C$30.86, for a total transaction of C$256,788.48. Also, insider Brenda Gail Riddell bought 100,000 shares of the firm'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, for a total transaction of C$3,129,630.00. Insiders have sold 88,320 shares of company stock valued at $2,730,172 in the last 90 days. 45.36% of the stock is currently 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.