ARC Resources (TSE:ARX) Shares Down 6.8% – Here’s Why

Shares of ARC Resources Ltd. (TSE:ARX) traded down 6.8% during mid-day trading on Friday . The stock traded as low as C$23.92 and last traded at C$24.38. 1,906,435 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 2,184,991 shares. The stock had previously closed at C$26.17.

Analysts Set New Price Targets

ARX has been the topic of a number of recent research reports. Raymond James Financial lowered their target price on ARC Resources from C$35.00 to C$33.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Capital One Financial upgraded ARC Resources to a “strong-buy” rating in a research report on Monday, October 27th. Scotiabank cut their target price on shares of ARC Resources from C$38.00 to C$36.00 in a report on Thursday, October 9th. National Bankshares lowered their price target on shares of ARC Resources from C$38.00 to C$33.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Finally, CIBC cut their price objective on shares of ARC Resources from C$34.00 to C$31.50 in a report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of C$33.32.

ARC Resources Trading Down 8.6%

The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05. The firm has a market capitalization of C$13.91 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.29 and a beta of -0.01. The company has a fifty day moving average price of C$25.58 and a two-hundred day moving average price of C$27.11.

ARC Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 3.2%. ARC Resources’s dividend payout ratio (DPR) is presently 29.25%.

ARC Resources Company Profile

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.