Raymond James Lowers ARC Resources (ARX) Price Target to C$22.50

ARC Resources (TSE:ARX) had its price target decreased by Raymond James from C$23.00 to C$22.50 in a research report released on Friday.

Several other research firms also recently commented on ARX. Royal Bank of Canada raised their price objective on ARC Resources from C$19.00 to C$20.00 and gave the stock an outperform rating in a report on Monday, July 30th. BMO Capital Markets raised their price objective on ARC Resources from C$15.00 to C$17.00 in a report on Thursday, August 2nd. TD Securities raised their price objective on ARC Resources from C$16.50 to C$17.50 in a report on Thursday, August 2nd. Finally, CSFB raised their price objective on ARC Resources from C$19.00 to C$20.00 in a report on Wednesday, July 11th.

ARX opened at C$14.11 on Friday. ARC Resources has a 52 week low of C$11.88 and a 52 week high of C$18.34.

ARC Resources (TSE:ARX) last released its quarterly earnings data on Wednesday, August 1st. The oil and gas exploration company reported C($0.13) EPS for the quarter, missing the consensus estimate of C$0.14 by C($0.27). The firm had revenue of C$344.40 million for the quarter, compared to analysts’ expectations of C$353.40 million. ARC Resources had a return on equity of 8.10% and a net margin of 23.54%.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $0.20 annualized dividend and a yield of 1.42%.

In related news, Director David Ralph Collyer bought 10,000 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were acquired at an average price of C$13.49 per share, with a total value of C$134,900.00. Also, Director John Patrick Dielwart bought 6,300 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were bought at an average cost of C$14.49 per share, for a total transaction of C$91,287.00.

About ARC Resources

ARC Resources Ltd., together with its subsidiaries, engages in the acquisition, exploration, development, and production of crude oil, natural gas, condensate, and natural gas liquids. The company primarily holds interests in the Montney resource play properties located in northeast British Columbia and northern Alberta; and other assets located in the Cardium formation in the Pembina area of Alberta.

Read More: What is an Initial Public Offering (IPO)?

Receive News & Ratings for ARC Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ARC Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply