ARC Resources (TSE:ARX) Sets New 52-Week High - Time to Buy?

Key Points

• ARC Resources hit a new 52-week high, trading as high as C$32.75 intraday and closing near C$32.68, up from the previous close of C$32.45.
• Analyst sentiment is mixed but generally cautious: the stock’s average rating is Hold, with an average price target of C$30.35 even after several firms raised targets or maintained/shifted ratings.
• The company recently reported strong quarterly results, including C$1.03 EPS and C$2.10 billion in revenue, while analysts expect full-year EPS of about 2.73.

ARC Resources Ltd. (TSE:ARX - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$32.75 and last traded at C$32.68, with a volume of 435277 shares trading hands. The stock had previously closed at C$32.45.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Raymond James Financial lifted their target price on ARC Resources from C$29.00 to C$32.80 in a research report on Tuesday, April 28th. Capital One Financial downgraded ARC Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Scotiabank upgraded ARC Resources to a "hold" rating in a research note on Wednesday, April 1st. Royal Bank Of Canada lifted their price target on ARC Resources from C$28.00 to C$32.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 15th. Finally, Canaccord Genuity Group cut ARC Resources from a "buy" rating to a "hold" rating and boosted their price objective for the company from C$31.00 to C$32.00 in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, 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 current ratio of 0.87, a quick ratio of 0.42 and a debt-to-equity ratio of 43.61. The stock has a market cap of C$18.57 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.29 and a beta of -0.36. The stock's 50 day moving average is C$31.06 and its two-hundred day moving average is C$28.03.

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

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.

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