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

Paramount Resources Ltd. (TSE:POU - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$28.79 and traded as high as C$32.65. Paramount Resources shares last traded at C$32.45, with a volume of 753,591 shares traded.

Wall Street Analyst Weigh In

POU has been the subject of a number of analyst reports. Cormark raised shares of Paramount Resources from a "hold" rating to a "moderate buy" rating in a research note on Friday, November 15th. Scotiabank increased their price objective on shares of Paramount Resources from C$44.00 to C$46.00 in a research note on Friday, January 17th. CIBC increased their price objective on shares of Paramount Resources from C$38.00 to C$39.50 in a research note on Friday, November 15th. Jefferies Financial Group cut their target price on shares of Paramount Resources from C$37.00 to C$35.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Finally, Royal Bank of Canada raised their target price on shares of Paramount Resources from C$34.00 to C$37.00 in a research note on Friday, November 15th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Paramount Resources has an average rating of "Moderate Buy" and an average target price of C$38.67.

Paramount Resources Stock Down 0.4 %

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 company's 50-day simple moving average is C$30.67 and its 200 day simple moving average is C$28.85. The firm has a market cap of C$4.73 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.14 and a beta of 3.04.

Paramount Resources Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 28th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $0.60 annualized dividend and a dividend yield of 1.89%. Paramount Resources's dividend payout ratio (DPR) is presently 73.70%.

Insider Transactions at Paramount Resources

In related news, Senior Officer Michael S. Han sold 8,320 shares of Paramount Resources 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 acquired 100,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of C$31.30 per share, with a total value of C$3,129,630.00. In the last quarter, insiders bought 103,248 shares of company stock worth $3,231,616 and sold 88,320 shares worth $2,730,172. Company insiders own 45.36% of the company's stock.

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.