What Next for Paramount Resources, Ltd. After Today’s Gap Down?


 What Next for Paramount Resources, Ltd. After Today's Gap Down?

The stock of Paramount Resources, Ltd. (TSE:POU) gapped down by $0.12 today and has $15.53 target or 5.00% below today’s $16.35 share price. The 8 months technical chart setup indicates high risk for the $1.72B company. The gap down was reported on Oct, 17 by Barchart.com. If the $15.53 price target is reached, the company will be worth $86.00 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 186,611 shares traded hands. Paramount Resources, Ltd. (TSE:POU) has risen 97.29% since March 10, 2016 and is uptrending. It has outperformed by 91.68% the S&P500.

Paramount Resources, Ltd. (TSE:POU) Ratings Coverage

Out of 8 analysts covering Paramount Resources Ltd. (TSE:POU), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $40 is the highest target while $4 is the lowest. The $14.52 average target is -11.19% below today’s ($16.35) stock price. Paramount Resources Ltd. has been the topic of 35 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was downgraded by Dundee Securities on Tuesday, January 12 to “Neutral”. As per Monday, June 6, the company rating was maintained by Raymond James. Credit Suisse maintained the shares of POU in a report on Monday, August 22 with “Neutral” rating. The stock has “Buy” rating given by TD Securities on Friday, August 7. The firm earned “Strong Buy” rating on Monday, August 10 by Raymond James. The stock of Paramount Resources, Ltd. (TSE:POU) has “Outperform” rating given on Thursday, November 5 by Raymond James. National Bank Canada initiated Paramount Resources, Ltd. (TSE:POU) on Tuesday, July 21 with “Outperform” rating. FirstEnergy Capital maintained Paramount Resources, Ltd. (TSE:POU) rating on Monday, August 10. FirstEnergy Capital has “Market Perform” rating and $20 price target.

More news for Paramount Resources, Ltd. (TSE:POU) were recently published by: Moodys.com, which released: “Moody’s upgrades Paramount Resources to B3; Outlook Stable” on October 05, 2016. Finance.Yahoo.com‘s article titled: “Paramount Resources Ltd. announces a normal course issuer bid” and published on October 11, 2016 is yet another important article.

Paramount Resources Ltd. is engaged in exploring and developing conventional petroleum and natural gas prospects, which pursues non-conventional exploration and pre-development projects and holds a portfolio of investments in other entities. The company has a market cap of $1.72 billion. The Company’s principal properties are primarily located in Alberta, British Columbia and Northwest Territories. It currently has negative earnings. The Firm operates in three business divisions: Principal Properties, Strategic Investments and Corporate.

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