Canaccord Genuity Group Increases ARC Resources (TSE:ARX) Price Target to C$29.00

ARC Resources (TSE:ARX) had its price target boosted by Canaccord Genuity Group from C$27.00 to C$29.00 in a research note issued to investors on Friday, BayStreet.CA reports. Canaccord Genuity Group’s target price suggests a potential upside of 25.70% from the company’s previous close.

A number of other analysts also recently issued reports on ARX. Stifel Nicolaus lifted their target price on ARC Resources from C$29.00 to C$31.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. UBS Group lowered their price target on ARC Resources from C$33.00 to C$32.00 in a research report on Wednesday, July 10th. Cormark boosted their price target on ARC Resources from C$32.00 to C$35.00 in a research report on Friday, May 10th. BMO Capital Markets boosted their price target on ARC Resources from C$28.00 to C$30.00 in a research report on Friday, May 10th. Finally, ATB Capital boosted their price target on ARC Resources from C$26.00 to C$27.00 in a research report on Friday, June 28th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of C$30.68.

ARC Resources Stock Down 1.4 %

Shares of TSE:ARX traded down C$0.32 during midday trading on Friday, reaching C$23.07. The company had a trading volume of 1,093,439 shares, compared to its average volume of 1,962,397. The company has a quick ratio of 0.42, a current ratio of 0.79 and a debt-to-equity ratio of 29.15. The business’s 50 day moving average price is C$24.36 and its 200 day moving average price is C$23.84. The stock has a market cap of C$13.79 billion, a PE ratio of 11.65, a P/E/G ratio of 0.29 and a beta of 1.32. ARC Resources has a 1-year low of C$19.02 and a 1-year high of C$26.17.

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

Insider Activity at ARC Resources

In related news, Senior Officer Armin Jahangiri sold 24,343 shares of the business’s 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 value of C$619,913.97. In related news, Senior Officer Armin Jahangiri sold 24,343 shares of the business’s 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 value of C$619,913.97. Also, Senior Officer Brian Rognvald Groundwater sold 17,470 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of C$25.62, for a total value of C$447,595.38. Over the last ninety days, insiders sold 118,705 shares of company stock worth $3,029,226. Company insiders own 0.38% of the company’s stock.

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.