ARC Resources (TSE:ARX) Shares Pass Above 200-Day Moving Average – Here’s What Happened

ARC Resources Ltd. (TSE:ARX)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$25.29 and traded as high as C$27.91. ARC Resources shares last traded at C$27.57, with a volume of 2,357,702 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently commented on ARX shares. Desjardins lowered their price target on ARC Resources from C$31.00 to C$27.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Jefferies Financial Group decreased their target price on shares of ARC Resources from C$28.00 to C$27.00 in a research report on Tuesday, January 20th. Raymond James Financial downgraded shares of ARC Resources from a “moderate buy” rating to a “hold” rating and lowered their price target for the company from C$31.00 to C$28.00 in a report on Monday, February 9th. Scotiabank dropped their price target on ARC Resources from C$30.00 to C$28.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 21st. Finally, UBS Group downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$29.00.

ARC Resources Stock Down 0.6%

The stock has a market cap of C$15.73 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.29 and a beta of -0.06. The company has a current ratio of 0.70, a quick ratio of 0.42 and a debt-to-equity ratio of 58.50. The business has a 50-day moving average price of C$24.90 and a 200-day moving average price of C$25.29.

ARC Resources (TSE:ARX) last issued its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported C$0.46 EPS for the quarter. ARC Resources had a net margin of 20.99% and a return on equity of 15.52%. The company had revenue of C$1.58 billion during the quarter. As a group, analysts forecast that ARC Resources Ltd. will post 2.7255139 earnings per share 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.