BMO Capital Markets on Wednesday reiterated its outperform rating on the shares of Paramount Resources (POU.TO) while cutting its price target to C$25.00 from an undisclosed prior level after the Western Canadian oil and gas producer closed the C$3.3-billion sale of properties to Ovintiv (OVV.TO, OVV) and distributed a special dividend of $15.00 per share.
"We believe Paramount is a unique E&P business with a number of non-producing/hard-to-value assets that have generally been ignored by investors (especially its long-duration holdings in Cavalier, Sinclair and its Horn River/Liard Basin gas prospects). With the closing of its recently announced Montney disposition to Ovintiv, the company will now shift gears and primarily focus on the development of its Duvernay properties and Sinclair. With the company recently paying the special dividend of $15 we are lowering out Target Price to $25," analyst Jeremy McCrea noted.
(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: 17.98, Change: -0.15, Percent Change: -0.83
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。