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

Key Points

• ARC Resources shares rose above their 200-day moving average, reaching C$33.02 and closing at C$32.91, compared with a 200-day average of C$28.75.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of C$30.35. Recent brokerages both raised price targets and issued downgrades.
• ARC Resources reported quarterly EPS of C$0.62 on 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)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$28.75 and traded as high as C$33.02. ARC Resources shares last traded at C$32.91, with a volume of 1,157,835 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ARX. Canaccord Genuity Group cut ARC Resources from a "buy" rating to a "hold" rating and increased their price objective for the stock from C$31.00 to C$32.00 in a report on Tuesday, April 28th. Raymond James Financial lifted their target price on ARC Resources from C$29.00 to C$32.80 in a report on Tuesday, April 28th. Royal Bank Of Canada upped their target price on shares of ARC Resources from C$28.00 to C$32.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. Capital One Financial cut shares of ARC Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, TD Securities downgraded ARC Resources from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of C$30.35.

ARC Resources Price Performance

The firm has a market capitalization of C$18.62 billion, a PE ratio of 13.32, a P/E/G ratio of 0.29 and a beta of -0.37. The company has a debt-to-equity ratio of 39.16, a current ratio of 0.88 and a quick ratio of 0.42. The business's 50 day moving average is C$31.43 and its two-hundred day moving average is C$28.75.

ARC Resources (TSE:ARX - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The oil and gas exploration company reported C$0.62 EPS for the quarter. ARC Resources had a net margin of 19.29% and a return on equity of 16.64%. The business had revenue of C$2.16 billion during the quarter. As a group, research analysts anticipate that ARC Resources Ltd. will post 2.7255139 EPS for the current 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.

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