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Paramount Resources Maintained at Sector Perform at National Bank After Q1 Results; Price Target Raised to C$38.00

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National Bank Financial on Tuesday reiterated its sector-perform rating on the shares of Paramount Resources (POU.TO) while raising its price target to C$38.00 from C$36.00 following the oil and gas producer's first-quarter results.

"POU reported first quarter operating & financial results ahead of expectations, including average production of 48.3 mboe/d (50% liquids) and associated CFPS of $0.97 (vs. consensus $0.84) ... Strength of execution remains its hallmark, as it maintains (and augments) momentum and progress towards meaningful value catalysts in the outlook; POU is poised for a 24% return profile (vs. peers 19%) on leverage of 0.3x (in line with peers), while trading at 5.2x 2027e EV/DACF (vs. peers 4.1x). The increase in target price is ascribed to earnings outperformance and tailwinds to forecasts through the outlook," analyst Dan Payne wrote.

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Price: $30.52, Change: $+1.28, Percent Change: +4.38%

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