ARC Resources (TSE:ARX) Sets New 52-Week High – Time to Buy?

Shares of ARC Resources Ltd. (TSE:ARX) hit a new 52-week high on Wednesday . The stock traded as high as C$32.75 and last traded at C$32.68, with a volume of 435277 shares trading hands. The stock had previously closed at C$32.45.

Wall Street Analyst Weigh In

Several research firms have recently commented on ARX. TD Securities cut ARC Resources from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, April 27th. Canadian Imperial Bank of Commerce lowered shares of ARC Resources from a “neutral” rating to a “tender” rating and lifted their price objective for the company from C$29.00 to C$32.00 in a research report on Tuesday, April 28th. Canaccord Genuity Group cut shares of ARC Resources from a “buy” rating to a “hold” rating and boosted their price objective for the company from C$31.00 to C$32.00 in a research note on Tuesday, April 28th. BMO Capital Markets cut shares of ARC Resources from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from C$30.00 to C$32.00 in a research note on Tuesday, April 28th. Finally, Royal Bank Of Canada upped their price objective on shares of ARC Resources from C$28.00 to C$32.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ARC Resources currently has an average rating of “Hold” and a consensus price target of C$30.35.

ARC Resources Stock Performance

The stock’s 50-day moving average is C$31.06 and its 200 day moving average is C$28.03. The stock has a market cap of C$18.57 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 0.29 and a beta of -0.36. The company has a debt-to-equity ratio of 43.61, a current ratio of 0.87 and a quick ratio of 0.42.

ARC Resources (TSE:ARX) last released its earnings results on Tuesday, April 28th. The oil and gas exploration company reported C$1.03 earnings per share (EPS) for the quarter. The company had revenue of C$2.10 billion for the quarter. ARC Resources had a return on equity of 17.43% and a net margin of 22.18%. As a group, analysts predict that ARC Resources Ltd. will post 2.7255139 earnings per share for the current fiscal year.

About ARC Resources

ARC Resources is an independent energy company engaged in the acquisition, exploration, development, and production of conventional oil and natural gas in Western Canada. The company produces light, medium, and heavy crude, condensate, natural gas liquids, and natural gas. Production averaged 163.6 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds approximately 879 million boe of proven and probable crude oil and natural gas reserves.