ARC Resources (TSE:ARX) Stock Passes Above 200 Day Moving Average – Here’s Why

Shares of ARC Resources Ltd. (TSE:ARX) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$28.75 and traded as high as C$33.02. ARC Resources shares last traded at C$32.91, with a volume of 1,157,835 shares trading hands.

Analyst Upgrades and Downgrades

ARX has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce cut ARC Resources from a “neutral” rating to a “tender” rating and lifted their target price for the stock from C$29.00 to C$32.00 in a report on Tuesday, April 28th. Capital One Financial downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Raymond James Financial lifted their price objective on shares of ARC Resources from C$29.00 to C$32.80 in a research note on Tuesday, April 28th. Jefferies Financial Group cut shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 29th. Finally, BMO Capital Markets downgraded shares of ARC Resources from an “outperform” rating to a “market perform” rating and increased their target price for the company from C$30.00 to C$32.00 in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ARC Resources has an average rating of “Hold” and an average target price of C$30.35.

ARC Resources Stock Down 1.3%

The firm has a market cap of C$18.39 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.29 and a beta of -0.37. The company has a 50-day simple moving average of C$31.45 and a 200-day simple moving average of C$28.78. The company has a debt-to-equity ratio of 39.16, a current ratio of 0.88 and a quick ratio of 0.42.

ARC Resources (TSE:ARX) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas exploration company reported C$0.62 earnings per share for the quarter. ARC Resources had a return on equity of 16.64% and a net margin of 19.29%.The firm had revenue of C$2.16 billion for the quarter. Analysts expect that ARC Resources Ltd. will post 2.7255139 earnings per share for the current fiscal year.

ARC Resources Company Profile

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.