Can Paramount Resources, Ltd.’s Tomorrow be Different? The Stock Just Gapped Up

 Can Paramount Resources, Ltd.'s Tomorrow be Different? The Stock Just Gapped Up

The stock of Paramount Resources, Ltd. (TSE:POU) gapped up by $0.7 today and has $18.60 target or 7.00% above today’s $17.38 share price. The 5 months technical chart setup indicates low risk for the $1.84 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $18.60 price target is reached, the company will be worth $128.80M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 269,177 shares traded hands. Paramount Resources, Ltd. (TSE:POU) has risen 82.61% since April 26, 2016 and is uptrending. It has outperformed by 77.38% 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 -21.35% below today’s ($17.38) stock price. Paramount Resources Ltd. has been the topic of 37 analyst reports since July 21, 2015 according to StockzIntelligence Inc. As per Monday, June 6, the company rating was maintained by Raymond James. Raymond James maintained Paramount Resources, Ltd. (TSE:POU) on Monday, August 10 with “Strong Buy” rating. Scotia Capital maintained Paramount Resources, Ltd. (TSE:POU) on Friday, November 18 with “Outperform” rating. The rating was maintained by FirstEnergy Capital with “Market Perform” on Monday, August 10. Raymond James downgraded the shares of POU in a report on Thursday, November 5 to “Outperform” rating. The firm earned “Neutral” rating on Monday, August 22 by Credit Suisse. The firm has “Outperform” rating given on Tuesday, July 21 by National Bank Canada. The firm has “Neutral” rating given on Tuesday, January 12 by Dundee Securities. The stock of Paramount Resources, Ltd. (TSE:POU) has “Buy” rating given on Friday, August 7 by TD Securities.

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 $1.84 billion. The Company’s principal properties are primarily located in Alberta, British Columbia and Northwest Territories. It has a 5.3 P/E ratio. The Firm operates in three business divisions: Principal Properties, Strategic Investments and Corporate.

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