Summary of Stifel on the newswire Paramount Resources Kept at Buy at Stifel FirstEnergy After Record Q3 Results; Price Target Trimmed to C$42.00
11:26 AM EDT, 11/04/2022 (MT Newswires) -- Stifel FirstEnergy on Friday reiterated its buy rating on the shares of Paramount Resources (POU.TO) while trimming its price target to C$42.00 from C$43.00 after the Western Canadian oil and gas producer reported record third-quarter results and raised its dividend.
"Paramount's operations in 3Q22 rebounded from a turnaround-heavy 2Q22 and managed to generate record cash flow that was 13% ahead of expectations," analyst Cody Kwong noted. "Reinforcing its commitment to shareholder returns given solid quarterly performance and the constructive outlook ahead, Paramount increased its base monthly dividend by 11% to $0.125/sh. On the operational front, newly emerging is a full field development plan for its Willesden Green Duvernay play, where $335 mm will be invested here in 2023 and 2024 that will initiate growth from the current 3,750 boe/d, to 30,000 boe/d by 2027. We are modestly adjusting our target price to $42.00/sh to reflect slightly lower FFO and FCF in 2023, however reaffirming our BUY recommendation on the longer term growth/return of capital profile of the company."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 31.87, Change: -0.16, Percent Change: -0.50