Paramount Resources (PRMRF) Gets a Hold Rating from CIBC

By Ryan Adsit

In a report issued on December 6, Jamie Kubik from CIBC maintained a Hold rating on Paramount Resources (PRMRFResearch Report), with a price target of C$7.50. The company’s shares closed last Monday at $5.08.

According to TipRanks.com, Kubik has 0 stars on 0-5 star ranking scale with an average return of -17.0% and a 25.0% success rate. Kubik covers the Basic Materials sector, focusing on stocks such as Freehold Royalties, PrairieSky Royalty, and Bonterra Energy.

Paramount Resources has an analyst consensus of Moderate Buy, with a price target consensus of $5.66, representing a 12.1% upside. In a report issued on December 5, RBC Capital also maintained a Hold rating on the stock with a C$8.00 price target.

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Based on Paramount Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $107 million. In comparison, last year the company had a GAAP net loss of $17.93 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.