Could Paramount Resources, Ltd. Change Direction After Reaching 52-Week High?

 Could Paramount Resources, Ltd. Change Direction After Reaching 52 Week High?

The stock of Paramount Resources, Ltd. (TSE:POU) hit a new 52-week high and has $18.47 target or 3.00% above today’s $17.93 share price. The 8 months bullish chart indicates low risk for the $2.02B company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $18.47 price target is reached, the company will be worth $60.60 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 92,129 shares traded hands. Paramount Resources, Ltd. (TSE:POU) has risen 86.47% since April 27, 2016 and is uptrending. It has outperformed by 80.54% 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 -23.76% below today’s ($17.93) stock price. Paramount Resources Ltd. has been the topic of 37 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Thursday, November 5 by Raymond James. The stock of Paramount Resources, Ltd. (TSE:POU) has “Outperform” rating given on Tuesday, July 21 by National Bank Canada. Dundee Securities downgraded Paramount Resources, Ltd. (TSE:POU) on Tuesday, January 12 to “Neutral” rating. The firm earned “Buy” rating on Friday, August 7 by TD Securities. The stock of Paramount Resources, Ltd. (TSE:POU) earned “Outperform” rating by Scotia Capital on Friday, November 18. FirstEnergy Capital maintained the shares of POU in a report on Monday, August 10 with “Market Perform” rating. Raymond James maintained the shares of POU in a report on Monday, June 6 with “” rating. The stock of Paramount Resources, Ltd. (TSE:POU) has “Strong Buy” rating given on Monday, August 10 by Raymond James. The firm earned “Neutral” rating on Monday, August 22 by Credit Suisse.

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 $2.02 billion. The Company’s principal properties are primarily located in Alberta, British Columbia and Northwest Territories. It has a 5.47 P/E ratio. The Firm operates in three business divisions: Principal Properties, Strategic Investments and Corporate.

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