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

Key Points

• ARC Resources Ltd. (TSE:ARX) has recently surpassed its 200-day moving average, reaching a high of C$27.74 during trading.
• Multiple research firms have increased their price targets for ARC Resources, with Desjardins setting the highest target at C$35.50 and a consensus price target of C$33.25.
• The company also announced a quarterly dividend of $0.19, representing an annualized yield of 2.8% and a payout ratio of 35.86%.

ARC Resources Ltd. (TSE:ARX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$27.36 and traded as high as C$27.74. ARC Resources shares last traded at C$27.14, with a volume of 990,764 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ARX shares. Desjardins lifted their price objective on ARC Resources from C$34.50 to C$35.50 and gave the stock a "buy" rating in a report on Thursday, May 22nd. BMO Capital Markets lifted their price objective on ARC Resources from C$32.00 to C$33.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Royal Bank Of Canada lifted their price objective on ARC Resources from C$32.00 to C$34.00 and gave the stock an "outperform" rating in a report on Thursday, May 22nd. UBS Group reduced their price objective on ARC Resources from C$35.00 to C$34.00 in a report on Thursday, April 17th. Finally, National Bankshares boosted their price target on ARC Resources from C$33.00 to C$35.00 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, ARC Resources presently has an average rating of "Buy" and a consensus target price of C$33.25.

ARC Resources Trading Down 0.6%

The stock has a 50 day moving average of C$28.40 and a 200-day moving average of C$27.38. The company has a market capitalization of C$16.07 billion, a P/E ratio of 14.40, a P/E/G ratio of 0.29 and a beta of 1.26. The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05.

ARC Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 15th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, June 30th. ARC Resources's dividend payout ratio is presently 35.86%.

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.