CIBC Issues Positive Forecast for ARC Resources (TSE:ARX) Stock Price

ARC Resources (TSE:ARX) had its target price hoisted by CIBC from C$34.00 to C$35.00 in a research note published on Friday,BayStreet.CA reports.

Several other brokerages have also recently issued reports on ARX. Cormark raised ARC Resources to a “moderate buy” rating in a report on Monday, September 23rd. Canaccord Genuity Group boosted their price objective on shares of ARC Resources from C$29.00 to C$31.00 in a research report on Thursday, November 7th. Jefferies Financial Group raised their target price on shares of ARC Resources from C$27.00 to C$29.00 in a report on Monday, December 16th. National Bankshares increased their price target on shares of ARC Resources from C$31.00 to C$32.00 in a research report on Thursday, November 7th. Finally, TD Securities upped their target price on ARC Resources from C$30.00 to C$31.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of C$31.42.

ARC Resources Price Performance

ARX stock opened at C$26.52 on Friday. The firm has a 50 day moving average of C$25.76 and a 200-day moving average of C$24.56. The company has a market cap of C$15.81 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.29 and a beta of 1.26. The company has a current ratio of 0.88, a quick ratio of 0.42 and a debt-to-equity ratio of 31.49. ARC Resources has a 12-month low of C$19.58 and a 12-month high of C$28.15.

ARC Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.19 per share. This is a positive change from ARC Resources’s previous quarterly dividend of $0.17. This represents a $0.76 annualized dividend and a yield of 2.87%. ARC Resources’s dividend payout ratio is 35.23%.

Insiders Place Their Bets

In related news, Senior Officer Sean Ross Allen Calder sold 30,572 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of C$27.10, for a total value of C$828,360.57. 0.40% of the stock is currently owned by insiders.

ARC Resources Company Profile

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.