ARC Resources (TSE:ARX) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

ARC Resources Ltd. (TSE:ARX)’s share price passed 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.

Analyst Ratings Changes

ARX has been the subject of several research analyst reports. Canaccord Genuity Group cut shares of ARC Resources from a “buy” rating to a “hold” rating and raised their target price for the stock from C$31.00 to C$32.00 in a research report on Tuesday, April 28th. BMO Capital Markets cut ARC Resources from an “outperform” rating to a “market perform” rating and upped their price target for the stock from C$30.00 to C$32.00 in a research note on Tuesday, April 28th. Capital One Financial downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Canadian Imperial Bank of Commerce cut shares of ARC Resources from a “neutral” rating to a “tender” rating and boosted their target price for the company from C$29.00 to C$32.00 in a report on Tuesday, April 28th. Finally, Raymond James Financial boosted their target price on shares of ARC Resources from C$29.00 to C$32.80 in a report on Tuesday, April 28th. One 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 given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of C$30.35.

ARC Resources Stock Performance

The company has a debt-to-equity ratio of 39.16, a quick ratio of 0.42 and a current ratio of 0.88. The stock has a market capitalization of C$18.62 billion, a P/E ratio of 13.32, a PEG ratio of 0.29 and a beta of -0.37. The business has a 50-day moving average price of C$31.43 and a 200 day moving average price of C$28.75.

ARC Resources (TSE:ARX) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas exploration company reported C$0.62 earnings per share for the quarter. The company had revenue of C$2.16 billion during the quarter. ARC Resources had a return on equity of 16.64% and a net margin of 19.29%. As a group, sell-side analysts forecast that ARC Resources Ltd. will post 2.7255139 EPS 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.