Paramount Resources (OTCMKTS:PRMRF) Share Price Passes Below Fifty Day Moving Average – Here’s What Happened

Paramount Resources Ltd. (OTCMKTS:PRMRF)’s stock price passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $19.64 and traded as low as $19.14. Paramount Resources shares last traded at $19.23, with a volume of 22,092 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Cibc World Mkts raised Paramount Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th.

Paramount Resources Price Performance

The business’s 50-day moving average price is $19.60 and its two-hundred day moving average price is $21.39. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 11.33 and a beta of 2.54.

Paramount Resources (OTCMKTS:PRMRF) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.42 EPS for the quarter. Paramount Resources had a return on equity of 9.90% and a net margin of 19.56%. The business had revenue of $324.22 million during the quarter. As a group, sell-side analysts forecast that Paramount Resources Ltd. will post 1.8 earnings per share for the current year.

Paramount Resources Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be paid a dividend of $0.111 per share. This represents a dividend yield of 6.63%. The ex-dividend date is Tuesday, October 15th. Paramount Resources’s dividend payout ratio is currently 78.24%.

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.