ARC Resources (TSE:ARX) Given New C$34.00 Price Target at CIBC

ARC Resources (TSE:ARX) had its price target lifted by CIBC from C$33.00 to C$34.00 in a report published on Friday,BayStreet.CA reports.

Several other brokerages have also issued reports on ARX. National Bankshares boosted their price target on ARC Resources from C$31.00 to C$32.00 in a research note on Thursday, November 7th. TD Securities raised their target price on ARC Resources from C$30.00 to C$31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group decreased their price objective on shares of ARC Resources from C$30.00 to C$27.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Canaccord Genuity Group boosted their price target on shares of ARC Resources from C$29.00 to C$31.00 in a report on Thursday, November 7th. Finally, Scotiabank upped their price target on ARC Resources from C$34.00 to C$35.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$30.96.

ARC Resources Stock Performance

TSE:ARX opened at C$24.95 on Friday. The firm has a market capitalization of C$14.88 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.29 and a beta of 1.26. The company has a quick ratio of 0.42, a current ratio of 0.88 and a debt-to-equity ratio of 31.49. The stock’s 50-day simple moving average is C$23.74 and its 200 day simple moving average is C$24.38. ARC Resources has a twelve month low of C$19.02 and a twelve month high of C$26.45.

ARC Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 27th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date was Friday, September 27th. ARC Resources’s payout ratio is 35.23%.

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.