Credit Suisse Maintains Their Sell Rating on Paramount Resources (PRMRF)

By Ryan Adsit

Credit Suisse analyst Manav Gupta maintained a Sell rating on Paramount Resources (PRMRFResearch Report) yesterday and set a price target of C$1.75. The company’s shares closed last Thursday at $1.33, close to its 52-week low of $0.58.

According to TipRanks.com, Gupta is a 1-star analyst with an average return of -6.9% and a 50.0% success rate. Gupta covers the Utilities sector, focusing on stocks such as Marathon Petroleum, Delek US Holdings, and Canadian Natural.

Currently, the analyst consensus on Paramount Resources is a Moderate Sell with an average price target of $1.37, representing a 3.0% upside. In a report issued on May 14, Stifel Nicolaus also maintained a Sell rating on the stock with a C$1.00 price target.

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Based on Paramount Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $172 million and GAAP net loss of $235 million. In comparison, last year the company earned revenue of $246 million and had a GAAP net loss of $76.68 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.