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 company traded as high as C$32.54 and last traded at C$32.44, with a volume of 469288 shares changing hands. The stock had previously closed at C$31.92.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James Financial upped their price target on shares of ARC Resources from C$29.00 to C$32.80 in a report on Tuesday, April 28th. Scotiabank upgraded shares of ARC Resources to a “hold” rating in a research report on Wednesday, April 1st. ATB Cormark Capital Markets lowered shares of ARC Resources from an “outperform” rating to a “tender” rating and set a C$31.00 target price for the company. in a research report on Tuesday, April 28th. Jefferies Financial Group lowered 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 lowered shares of ARC Resources from an “outperform” rating to a “market perform” rating and upped their target price for the stock from C$30.00 to C$32.00 in a research report on Tuesday, April 28th. One equities research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$29.98.

ARC Resources Price Performance

The firm’s 50-day moving average is C$29.47 and its 200-day moving average is C$26.97. The company has a quick ratio of 0.42, a current ratio of 0.87 and a debt-to-equity ratio of 43.61. The company has a market capitalization of C$18.31 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 0.29 and a beta of -0.34.

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

ARC Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.6%. The ex-dividend date was Tuesday, March 31st. ARC Resources’s dividend payout ratio is presently 31.62%.

ARC Resources Company Profile

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.