Canaccord Genuity Group Downgrades ARC Resources (TSE:ARX) to Hold

Canaccord Genuity Group cut shares of ARC Resources (TSE:ARX) from a buy rating to a hold rating in a research report report published on Wednesday morning, BayStreet.CA reports. The firm currently has C$27.00 price objective on the oil and gas exploration company’s stock, up from their prior price objective of C$25.00.

A number of other brokerages have also recently commented on ARX. Stifel Nicolaus increased their target price on shares of ARC Resources from C$25.00 to C$29.00 in a research report on Friday, April 5th. Jefferies Financial Group upped their price objective on shares of ARC Resources from C$28.00 to C$30.00 and gave the company a buy rating in a report on Friday, April 12th. TD Securities upped their price objective on shares of ARC Resources from C$24.00 to C$25.00 and gave the company a buy rating in a report on Friday, February 9th. BMO Capital Markets upped their price objective on shares of ARC Resources from C$25.00 to C$28.00 in a report on Thursday, March 28th. Finally, ATB Capital dropped their price objective on shares of ARC Resources from C$27.00 to C$26.00 in a report on Tuesday, January 2nd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of C$28.25.

ARC Resources Price Performance

Shares of TSE ARX opened at C$24.97 on Wednesday. The firm has a 50-day simple moving average of C$23.76 and a 200-day simple moving average of C$21.98. The stock has a market capitalization of C$14.92 billion, a price-to-earnings ratio of 9.57, a price-to-earnings-growth ratio of 0.29 and a beta of 1.33. The company has a quick ratio of 0.42, a current ratio of 0.91 and a debt-to-equity ratio of 29.74. ARC Resources has a 52 week low of C$15.41 and a 52 week high of C$26.17.

ARC Resources (TSE:ARX) last issued its earnings results on Thursday, February 8th. The oil and gas exploration company reported C$0.84 EPS for the quarter, beating analysts’ consensus estimates of C$0.50 by C$0.34. The business had revenue of C$1.00 million during the quarter. ARC Resources had a net margin of 28.23% and a return on equity of 22.67%. On average, equities analysts predict that ARC Resources will post 2.0857143 earnings per share for the current fiscal year.

ARC Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Wednesday, March 27th. ARC Resources’s dividend payout ratio (DPR) is presently 26.05%.

Insider Activity

In other news, Senior Officer Kristen Jon Bibby sold 8,131 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of C$23.77, for a total value of C$193,273.87. In other news, Senior Officer Kristen Jon Bibby sold 8,131 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of C$23.77, for a total value of C$193,273.87. Also, Senior Officer Terry Michael Anderson sold 83,461 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of C$22.98, for a total transaction of C$1,917,875.36. Insiders own 0.07% of the company’s stock.

About ARC Resources

ARC Resources Ltd. engages in the acquiring and developing crude oil, natural gas, condensate, and natural gas liquids in Canada. It primarily holds interests in the Montney basin located in Alberta and northeast British Columbia. ARC Resources Ltd. was founded in 1996 and is based in Calgary, Canada.