The stock of Paramount Resources, Ltd. (TSE:POU) gapped down by $0.07 today and has $15.67 target or 4.00% below today’s $16.32 share price. The 8 months technical chart setup indicates high risk for the $1.72B company. The gap down was reported on Nov, 29 by Barchart.com. If the $15.67 price target is reached, the company will be worth $68.80 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 102,860 shares traded hands. Paramount Resources, Ltd. (TSE:POU) has risen 94.10% since April 25, 2016 and is uptrending. It has outperformed by 88.84% the S&P500.
Paramount Resources, Ltd. (TSE:POU) Ratings Coverage
Out of 9 analysts covering Paramount Resources Ltd. (TSE:POU), 4 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 44% are positive. $40 is the highest target while $4 is the lowest. The $13.67 average target is -16.24% below today’s ($16.32) stock price. Paramount Resources Ltd. has been the topic of 37 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The rating was maintained by Scotia Capital on Friday, November 18 with “Outperform”. The rating was maintained by FirstEnergy Capital with “Market Perform” on Monday, August 10. On Monday, August 10 the stock rating was maintained by Raymond James with “Strong Buy”. The rating was downgraded by Raymond James on Thursday, November 5 to “Outperform”. Dundee Securities downgraded the shares of POU in a report on Tuesday, January 12 to “Neutral” rating. The company was maintained on Friday, August 7 by TD Securities. Raymond James maintained the stock with “” rating in Monday, June 6 report. Credit Suisse maintained Paramount Resources, Ltd. (TSE:POU) on Monday, August 22 with “Neutral” rating. The firm earned “Outperform” rating on Tuesday, July 21 by National Bank Canada.
More news for Paramount Resources, Ltd. (TSE:POU) were recently published by: Reuters.com, which released: “BRIEF-Paramount Resources Ltd announces that its senior unsecured notes du…” on November 17, 2016. Moodys.com‘s article titled: “Moody’s upgrades Paramount Resources to B3; Outlook Stable” and published on October 05, 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 has a 4.98 P/E ratio. The Firm operates in three business divisions: Principal Properties, Strategic Investments and Corporate.
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