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

ARC Resources (TSE:ARX) had its price objective boosted by CIBC from C$33.00 to C$34.00 in a report issued on Friday,BayStreet.CA reports.

Other analysts also recently issued research reports about the company. Scotiabank raised their price objective on ARC Resources from C$34.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. National Bankshares increased their target price on shares of ARC Resources from C$31.00 to C$32.00 in a report on Thursday. Canaccord Genuity Group raised their price objective on ARC Resources from C$29.00 to C$31.00 in a report on Thursday. Cormark upgraded shares of ARC Resources to a “moderate buy” rating in a report on Monday, September 23rd. Finally, TD Securities upped their price objective on ARC Resources from C$30.00 to C$31.00 and gave the company a “buy” rating in a research note on Thursday. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of C$30.96.

ARC Resources Trading Down 0.8 %

TSE:ARX traded down C$0.20 during mid-day trading on Friday, hitting C$24.86. The company had a trading volume of 2,262,800 shares, compared to its average volume of 2,032,901. The company has a debt-to-equity ratio of 31.49, a quick ratio of 0.42 and a current ratio of 0.88. ARC Resources has a fifty-two week low of C$19.02 and a fifty-two week high of C$26.45. The firm has a market cap of C$14.82 billion, a P/E ratio of 12.88, a P/E/G ratio of 0.29 and a beta of 1.26. The business’s fifty day moving average is C$23.74 and its two-hundred day moving average is C$24.40.

ARC Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 27th were issued a $0.17 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.68 annualized dividend and a yield of 2.74%. ARC Resources’s dividend payout ratio is presently 35.23%.

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.