The financial services firm upped the previously posted price target of $44 per share to $52 per share in its company update on the back of the oil and gas producer's recent $151 million equity financing and first quarter results, which exceeded Stifel Nicolaus' estimates while also indicating a sharp increase in the condensate levels in Paramount's Kakwa Montney project. Production from the oil and gas producer in the first quarter of 2013 beat predictions, coming in at 22,591 barrels of oil equivalent per day (Boed) compared to the 22,500 Boed forecast, while cash flow for the quarter, which came in at $16.6 million, was well up on the $10.6 million Stifel Nicolaus forecast.