ARC Resources (TSE:ARX) Reaches New 52-Week High – Time to Buy?

ARC Resources Ltd. (TSE:ARX)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as C$28.75 and last traded at C$28.66, with a volume of 101960 shares. The stock had previously closed at C$28.07.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ARX shares. BMO Capital Markets lifted their price objective on shares of ARC Resources from C$30.00 to C$32.00 in a report on Friday, December 13th. National Bankshares upped their price objective on shares of ARC Resources from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. TD Securities increased their price objective on shares of ARC Resources from C$33.00 to C$34.00 and gave the company a “buy” rating in a research note on Friday, February 7th. CIBC boosted their target price on ARC Resources from C$34.00 to C$35.00 in a research note on Friday, January 17th. Finally, UBS Group increased their price target on ARC Resources from C$31.00 to C$33.00 in a research report on Monday, December 9th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$32.29.

ARC Resources Trading Down 0.3 %

The company has a market cap of C$16.63 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 0.29 and a beta of 1.26. 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 fifty day moving average of C$26.33 and a two-hundred day moving average of C$25.25.

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.