Analyst Jeremy Mccrea of BMO Capital maintained a Buy rating on Paramount Resources, retaining the price target of C$24.00.
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Jeremy Mccrea has given his Buy rating due to a combination of factors that highlight Paramount Resources’ strong performance and growth potential. The company has demonstrated impressive results in the third quarter, with production volumes exceeding expectations, largely due to the successful operations at the Alhambra Plant. This has resulted in a significant cash flow beat, showcasing the company’s operational efficiency and ability to capitalize on its assets.
Moreover, Paramount’s strategic focus on its Duvernay and Sinclair assets, along with the planned expansion of the Alhambra Plant, positions the company well for future growth. The company’s clear path to achieving production targets of over 100 mboe/d by 2027, coupled with its underappreciated non-producing assets, presents a compelling investment opportunity. These factors collectively underpin Mccrea’s optimistic outlook and Buy rating for Paramount Resources.
Mccrea covers the Energy sector, focusing on stocks such as Obsidian Energy, Samoth Oilfield, and Paramount Resources. According to TipRanks, Mccrea has an average return of 21.1% and a 59.40% success rate on recommended stocks.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a C$28.00 price target.