ARC Resources (TSE:ARX) Stock Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• ARC Resources shares rose above their 200-day moving average, reaching C$33.31 and last trading at C$33.16, compared with a 200-day average of C$29.06.
• Analyst sentiment has weakened, with several brokerages downgrading the stock to Hold or Sell-equivalent ratings. MarketBeat reports an overall “Hold” rating and an average price target of C$30.35.
• In its latest quarter, ARC Resources reported C$0.62 in earnings per share and C$2.16 billion in revenue, with a 19.29% net margin and 16.64% return on equity.

ARC Resources Ltd. (TSE:ARX - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$29.06 and traded as high as C$33.31. ARC Resources shares last traded at C$33.16, with a volume of 1,136,782 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ARX. ATB Cormark Capital Markets downgraded shares of ARC Resources from an "outperform" rating to a "tender" rating and set a C$31.00 target price for the company. in a research note on Tuesday, April 28th. BMO Capital Markets cut ARC Resources from an "outperform" rating to a "market perform" rating and boosted their price target for the stock from C$30.00 to C$32.00 in a research report on Tuesday, April 28th. Jefferies Financial Group downgraded ARC Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 29th. Canaccord Genuity Group lowered ARC Resources from a "buy" rating to a "hold" rating and raised their price objective for the company from C$31.00 to C$32.00 in a research report on Tuesday, April 28th. Finally, TD Securities cut ARC Resources from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of C$30.35.

ARC Resources Stock Up 0.8%

The company's 50 day simple moving average is C$31.57 and its 200-day simple moving average is C$29.06. The company has a current ratio of 0.88, a quick ratio of 0.42 and a debt-to-equity ratio of 39.16. The firm has a market cap of C$18.76 billion, a P/E ratio of 13.43, a PEG ratio of 0.29 and a beta of -0.37.

ARC Resources (TSE:ARX - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas exploration company reported C$0.62 earnings per share for the quarter. The firm had revenue of C$2.16 billion during the quarter. ARC Resources had a net margin of 19.29% and a return on equity of 16.64%. Research analysts forecast that ARC Resources Ltd. will post 2.7255139 earnings per share for the current fiscal year.

About ARC Resources

ARC Resources Ltd. is a pure-play Montney producer and one of Canada's largest dividend-paying energy companies, featuring low-cost operations. ARC's investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source