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

Key Points

• ARC Resources shares moved above their 200-day moving average during Wednesday trading, with the stock reaching as high as C$31.35 and last trading at C$31.14.
• Analyst opinions were mixed: several firms cut ratings, while Raymond James raised its price target to C$32.80. The consensus rating on the stock remains Hold, with an average target price of C$29.98.
• The company reported C$1.03 EPS for the latest quarter on revenue of C$2.10 billion, and analysts expect full-year EPS of about 2.73. ARC Resources also has a market cap of C$17.64 billion and a P/E ratio of 12.31.

ARC Resources Ltd. (TSE:ARX - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$27.64 and traded as high as C$31.35. ARC Resources shares last traded at C$31.14, with a volume of 3,510,764 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ARX. Raymond James Financial raised their price objective on ARC Resources from C$29.00 to C$32.80 in a research report on Tuesday, April 28th. TD Securities lowered shares of ARC Resources from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, April 27th. ATB Cormark Capital Markets cut shares of ARC Resources from an "outperform" rating to a "tender" rating and set a C$31.00 price target for the company. in a report on Tuesday, April 28th. Jefferies Financial Group lowered shares of ARC Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group downgraded shares of ARC Resources from a "buy" rating to a "hold" rating and increased their target price for the stock from C$31.00 to C$32.00 in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ARC Resources currently has an average rating of "Hold" and a consensus target price of C$29.98.

ARC Resources Stock Performance

The company has a debt-to-equity ratio of 43.61, a quick ratio of 0.42 and a current ratio of 0.87. The company has a market cap of C$17.64 billion, a P/E ratio of 12.31, a P/E/G ratio of 0.29 and a beta of -0.36. The firm has a 50 day moving average price of C$30.99 and a 200-day moving average price of C$27.64.

ARC Resources (TSE:ARX - Get Free Report) last announced its earnings results on Tuesday, April 28th. The oil and gas exploration company reported C$1.03 earnings per share (EPS) for the quarter. ARC Resources had a return on equity of 17.43% and a net margin of 22.18%.The firm had revenue of C$2.10 billion during the quarter. On average, research analysts predict that ARC Resources Ltd. will post 2.7255139 EPS for the current year.

About ARC Resources

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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