Paramount Resources (TSE: POU) has received a boost in its target price from analysts at Raymond James Financial, which has raised the estimate from C$24.00 to C$25.00. This adjustment, noted in a research report issued on Wednesday, signals a potential upside of approximately 9.6% based on the stock’s previous close.
Positive Outlook from Multiple Analysts
Raymond James Financial is not alone in its optimistic view. The Royal Bank of Canada recently increased its target for Paramount Resources from C$23.00 to C$26.00, assigning a “sector perform” rating in its analysis dated September 23, 2023. In a further show of confidence, National Bankshares raised its price target from C$25.00 to C$27.50 on September 25, 2023, while Jefferies Financial Group adjusted their estimate from C$25.00 to C$28.00 on October 21, 2023. CIBC also lifted its target from C$25.00 to C$26.00 on October 15, 2023.
The shifts in target prices reflect a broader consensus among analysts. Currently, one analyst has issued a Buy rating for the stock, while three have classified it as a Hold. According to data from MarketBeat, Paramount Resources holds a consensus rating of “Hold” with a mean target price of C$26.93.
About Paramount Resources
Based in Canada, Paramount Resources Ltd operates in the energy sector, focusing on the exploration, development, production, and marketing of natural gas, crude oil, and natural gas liquids. The company is active in Alberta and British Columbia and sells its products across various markets in the United States and Canada.
With these positive projections and a solid market position, Paramount Resources is poised for potential growth as analysts continue to monitor the company’s performance closely.
