RBC Capital analyst Michael Harvey maintained a Hold rating on Paramount Resources (PRMRF) on December 9 and set a price target of C$8.00. The company’s shares closed last Monday at $5.04.
According to TipRanks.com, Harvey is a 3-star analyst with an average return of 2.3% and a 43.8% success rate. Harvey covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum, Crescent Point Energy, and Birchcliff Energy.
Currently, the analyst consensus on Paramount Resources is a Moderate Buy with an average price target of $5.67, representing a 12.5% upside. In a report issued on December 6, TD Securities also maintained a Hold rating on the stock with a C$6.50 price target.
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Based on Paramount Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $107 million. In comparison, last year the company had a GAAP net loss of $17.93 million.
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Paramount Resources Ltd. explores and develops both conventional and unconventional petroleum and natural gas resources. It operates through the following regions: Grande Prairie Region, Kaybob Region and Central Alberta and Other Region. The company was founded by Clayton H. Riddell on February 14, 1978 and is headquartered in Calgary, Canada.
