Paramount Resources Ltd. (OTCMKTS:PRMRF) Sees Significant Decline in Short Interest

Paramount Resources Ltd. (OTCMKTS:PRMRF) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 3,207,400 shares, a decline of 16.9% from the November 15th total of 3,862,000 shares. Based on an average trading volume of 97,600 shares, the days-to-cover ratio is presently 32.9 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Cormark upgraded shares of Paramount Resources from a “hold” rating to a “moderate buy” rating in a report on Friday, November 15th. Cibc World Mkts raised Paramount Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 17th.

Paramount Resources Price Performance

Shares of OTCMKTS PRMRF opened at $21.40 on Friday. Paramount Resources has a 1 year low of $18.00 and a 1 year high of $24.84. The stock has a market capitalization of $3.15 billion, a P/E ratio of 12.16 and a beta of 2.55. The company’s 50-day moving average is $20.60 and its 200 day moving average is $21.04. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.62 and a quick ratio of 0.62.

Paramount Resources Cuts Dividend

The company also recently announced a dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.1071 dividend. This represents a dividend yield of 6.01%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Resources’s payout ratio is presently 74.72%.

Paramount Resources Company Profile

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.