CIBC Boosts ARC Resources (TSE:ARX) Price Target to C$34.00

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

ARX has been the subject of a number of other reports. Canaccord Genuity Group boosted their price objective on shares of ARC Resources from C$29.00 to C$31.00 in a report on Thursday. National Bankshares boosted their price target on ARC Resources from C$31.00 to C$32.00 in a research note on Thursday. TD Securities increased their price objective on ARC Resources from C$30.00 to C$31.00 and gave the company a “buy” rating in a research report on Thursday. Desjardins lifted their price objective on ARC Resources from C$30.00 to C$31.50 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group lowered their target price on shares of ARC Resources from C$30.00 to C$27.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$30.96.

ARC Resources Stock Down 0.8 %

Shares of ARC Resources stock opened at C$24.86 on Friday. The company has a 50-day simple moving average of C$23.74 and a two-hundred day simple moving average of C$24.39. The stock has a market capitalization of C$14.82 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 0.29 and a beta of 1.26. ARC Resources has a 52-week low of C$19.02 and a 52-week high of C$26.45. The company has a debt-to-equity ratio of 31.49, a quick ratio of 0.42 and a current ratio of 0.88.

ARC Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 27th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.68 dividend on an annualized basis and a yield of 2.74%. ARC Resources’s dividend payout ratio is currently 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.