Paramount Resources Ltd. (OTCMKTS: PRMRF – Get Rating) recorded a significant drop in short interest during the month of March. As of March 15, there was short interest totaling 418,100 shares, down 26.6% from February 28’s total of 569,300 shares. Based on an average trading volume of 34,300 shares, the short-term interest rate ratio is currently 12.2 days.

The PRMRF has been the subject of several analyst reports. Stifel Nicolaus raised his target price on Paramount Resources shares from C$31.00 to C$37.50 in a Thursday, March 3 research report. Royal Bank of Canada raised its target price on shares of Paramount Resources from C$30.00 to C$33.00 in a Thursday, March 3 research report. National Bank Financial raised its price target on shares of Paramount Resources from C$30.00 to C$35.00 in a Friday, February 4 research note. BMO Capital Markets raised its price target on shares of Paramount Resources from C$33.00 to C$35.00 in a Thursday, March 3 research note. Finally, Raymond James raised his price target on Paramount Resources shares from C$30.00 to C$33.00 in a Thursday, March 3 research note. Three equity research analysts gave the stock a hold rating and five gave the company a buy rating. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $32.06.

PRMRF stock traded at $0.43 midday Wednesday, hitting $25.16. 21,633 shares of the stock have traded, compared to its average volume of 26,247. The company has a leverage ratio of 0.15, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market capitalization of $3.55 billion, a P/E ratio of 35.33 and a beta of 3.33. Paramount Resources has a 1-year low of $7.53 and a 1-year high of $25.59. The stock’s fifty-day simple moving average is $21.50 and its 200-day simple moving average is $18.67.

The company also recently declared a dividend, which will be paid on Thursday, March 31. Shareholders of record on Tuesday, March 15 will receive a dividend of $0.063. This is an increase from Paramount Resources’ previous dividend of $0.05. This represents a dividend yield of 3.24%. The ex-dividend date is Monday, March 14. Paramount Resources’ dividend payout ratio (DPR) is currently 60.80%.

About Prime Resources (Get an evaluation)

Paramount Resources Ltd., an independent energy company, explores, develops, produces and markets natural gas, crude oil and natural gas liquids in Canada. The Company’s principal properties are the Montney and Duvernay developments located in Alberta and British Columbia. It also invests in public and private companies.

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