ARC Resources (TSE:ARX) Reaches New 1-Year High – Here’s Why

Shares of ARC Resources Ltd. (TSE:ARX) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$33.10 and last traded at C$33.00, with a volume of 577410 shares changing hands. The stock had previously closed at C$32.54.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Canadian Imperial Bank of Commerce cut ARC Resources from a “neutral” rating to a “tender” rating and increased their price objective for the stock from C$29.00 to C$32.00 in a research report on Tuesday, April 28th. Jefferies Financial Group downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 29th. Capital One Financial lowered ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. ATB Cormark Capital Markets cut ARC Resources from an “outperform” rating to a “tender” rating and set a C$31.00 price target for the company. in a research note on Tuesday, April 28th. Finally, Canaccord Genuity Group downgraded ARC Resources from a “buy” rating to a “hold” rating and increased their price target for the stock from C$31.00 to C$32.00 in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of C$30.35.

ARC Resources Trading Up 1.7%

The company has a debt-to-equity ratio of 43.61, a current ratio of 0.87 and a quick ratio of 0.42. The business’s 50 day moving average price is C$31.27 and its 200-day moving average price is C$28.46. The firm has a market capitalization of C$18.99 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.29 and a beta of -0.36.

ARC Resources (TSE:ARX) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas exploration company reported C$0.62 earnings per share (EPS) for the quarter. The firm had revenue of C$2.16 billion during the quarter. ARC Resources had a net margin of 22.18% and a return on equity of 17.43%. Equities analysts forecast that ARC Resources Ltd. will post 2.7255139 EPS for the current fiscal year.

About ARC Resources

ARC Resources Ltd. is a pure-play Montney producer and one of Canada’s largest dividend-paying energy companies, featuring low-cost operations. ARC’s investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business.