ARC Resources (TSE:ARX) Price Target Increased to C$29.00 by Analysts at Canaccord Genuity Group

ARC Resources (TSE:ARX) had its price objective lifted by Canaccord Genuity Group from C$27.00 to C$29.00 in a research note released on Friday, BayStreet.CA reports.

A number of other research analysts also recently issued reports on ARX. TD Securities upped their target price on shares of ARC Resources from C$27.00 to C$29.00 in a research report on Friday, May 10th. Desjardins upped their target price on shares of ARC Resources from C$30.00 to C$31.50 and gave the company a buy rating in a research report on Tuesday, July 23rd. BMO Capital Markets upped their target price on shares of ARC Resources from C$28.00 to C$30.00 in a research report on Friday, May 10th. CIBC upped their target price on shares of ARC Resources from C$31.00 to C$34.00 in a research report on Monday, July 15th. Finally, Cormark upped their target price on shares of ARC Resources from C$32.00 to C$35.00 in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of C$30.68.

ARC Resources Stock Down 1.7 %

Shares of TSE ARX opened at C$23.00 on Friday. The firm’s 50-day simple moving average is C$24.32 and its 200 day simple moving average is C$23.84. The company has a market cap of C$13.75 billion, a price-to-earnings ratio of 11.56, a price-to-earnings-growth ratio of 0.29 and a beta of 1.32. The company has a quick ratio of 0.42, a current ratio of 0.79 and a debt-to-equity ratio of 29.15. ARC Resources has a 12-month low of C$19.02 and a 12-month high of C$26.17.

ARC Resources (TSE:ARX) last issued its quarterly earnings results on Thursday, May 9th. The oil and gas exploration company reported C$0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.48 by C($0.17). The company had revenue of C$1.31 billion for the quarter, compared to analyst estimates of C$1.08 billion. ARC Resources had a return on equity of 16.66% and a net margin of 22.74%. On average, research analysts expect that ARC Resources will post 1.9710258 earnings per share for the current fiscal year.

ARC Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.17 per share. The ex-dividend date was Friday, June 28th. This represents a $0.68 dividend on an annualized basis and a yield of 2.96%. ARC Resources’s payout ratio is 34.17%.

Insider Buying and Selling

In related news, Senior Officer Armin Jahangiri sold 24,343 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of C$25.47, for a total transaction of C$619,913.97. In related news, Senior Officer Armin Jahangiri sold 24,343 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of C$25.47, for a total transaction of C$619,913.97. Also, Senior Officer Larissa Marianne Conrad sold 17,395 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of C$25.65, for a total value of C$446,181.75. In the last three months, insiders sold 118,705 shares of company stock valued at $3,029,226. 0.38% of the stock is owned by corporate insiders.

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.