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

Shares of ARC Resources Ltd. (TSE:ARX) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-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

ARX has been the topic of several research analyst reports. Raymond James Financial raised their price target on ARC Resources from C$29.00 to C$32.80 in a research report on Tuesday, April 28th. Jefferies Financial Group downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 29th. BMO Capital Markets lowered ARC Resources from an “outperform” rating to a “market perform” rating and raised their target price for the company from C$30.00 to C$32.00 in a report on Tuesday, April 28th. Canaccord Genuity Group lowered ARC Resources from a “buy” rating to a “hold” rating and raised their target price for the company from C$31.00 to C$32.00 in a report on Tuesday, April 28th. Finally, ATB Cormark Capital Markets downgraded ARC Resources from an “outperform” rating to a “tender” rating and set a C$31.00 price target on the stock. in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ARC Resources presently has an average rating of “Hold” and a consensus price target of C$29.98.

ARC Resources Stock Performance

The firm’s fifty day moving average price is C$30.99 and its 200-day moving average price is C$27.64. 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 company has a current ratio of 0.87, a quick ratio of 0.42 and a debt-to-equity ratio of 43.61.

ARC Resources (TSE:ARX) last released its earnings results on Tuesday, April 28th. The oil and gas exploration company reported C$1.03 earnings per share for the quarter. ARC Resources had a net margin of 22.18% and a return on equity of 17.43%. The business had revenue of C$2.10 billion during the quarter. As a group, research analysts forecast that ARC Resources Ltd. will post 2.7255139 EPS for the current fiscal 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.