Jefferies Financial Group Adjusts Paramount Resources Price Target to C$35.00

Jefferies Financial Group has lowered its price target for shares of Paramount Resources (TSE:POU) from C$37.00 to C$35.00 in a research note released on Thursday. The firm maintains a "buy" rating for the company, suggesting a significant potential upside of 21.23% from the stock's current trading price.

Recent research reports from other analysts also reflect varying opinions on Paramount Resources. For instance, CIBC raised its price target from C$38.00 to C$39.50 in a note published on November 15. On the same day, Royal Bank of Canada increased their target from C$34.00 to C$37.00. Meanwhile, Cormark upgraded its rating from "hold" to "moderate buy," and CIBC World Markets changed their rating from "hold" to "strong buy" on October 17.

Additionally, Scotiabank has set its sights higher, increasing their price target on Paramount Resources from C$43.00 to C$44.00 on November 15. Presently, out of the analysts evaluating the stock, two have recommended a "hold," seven a "buy," and one has indicated a "strong buy." Based on the latest data from MarketBeat, the stock holds an average rating of "Moderate Buy" along with an average target price of C$38.20.

Current Stock Performance

On the trading day following Jefferies’ announcement, Paramount Resources saw its shares decline by 2.0%, finishing at C$28.87. During Thursday's trading, a total of 449,951 shares were exchanged, surpassing the average volume of 315,739 shares. The company currently demonstrates a quick ratio of 0.68, a current ratio of 0.75, and a debt-to-equity ratio of 0.83. Over the last year, the stock reached a low of C$24.51 and a high of C$33.06. At present, it has a market capitalization of C$4.24 billion, a PE ratio of 12.23, and a P/E/G ratio of 0.14.

Recent Insider Trading Activity

In recent insider activity, Brenda Gail Riddell purchased 100,000 shares of Paramount’s stock on November 25 for an average price of C$31.30 per share, amounting to a total investment of C$3,129,630. Another insider, Director Kimberley Elizabeth Lynch Proctor, acquired 3,000 shares on November 22 at an average price of C$31.36 each, leading to a total transaction of C$94,080. Insiders currently hold 45.36% of the company’s stock.

About Paramount Resources

Paramount Resources Ltd. is engaged in the exploration and development of conventional and unconventional petroleum and natural gas resources across Canada. The company has significant interests in various regions, including Karr and Wapiti Montney properties, Kaybob North Duvernay developments, and shale gas properties in the Horn River Basin.

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