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Paramount Resources Ltd T.POU

Alternate Symbol(s):  PRMRF

Paramount Resources Ltd. is a Canada-based energy company. The Company explores and develops both conventional and unconventional petroleum and natural gas. It also pursues longer-term strategic exploration and pre-development plays and holds a portfolio of investments in other entities. Its principal properties are located in Alberta and British Columbia. The Company's operations are organized into three regions: the Grande Prairie Region, located in the Peace River Arch area of Alberta, which is focused on Montney developments at Karr and Wapiti; the Kaybob Region, located in west-central Alberta, which includes the Kaybob North Duvernay development, the Kaybob North Montney oil development and other shale gas and conventional natural gas producing properties, and the Central Alberta and Other Region, which includes the Willesden Green Duvernay development in central Alberta and shale gas producing properties in the Horn River Basin in northeast British Columbia.


TSX:POU - Post by User

Post by 2021Gambleon Nov 04, 2022 11:58am
182 Views
Post# 35073371

Summary of Stifel on the newswire

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
 
04 Nov 2022 11:26 ET  

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

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