ARC Resources (TSE:ARX) Hits New 52-Week High – Still a Buy?

ARC Resources Ltd. (TSE:ARX)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$33.10 and last traded at C$33.00, with a volume of 577410 shares traded. The stock had previously closed at C$32.54.

Wall Street Analysts Forecast Growth

ARX has been the subject of several recent analyst reports. Capital One Financial cut ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Raymond James Financial increased their price objective on shares of ARC Resources from C$29.00 to C$32.80 in a report on Tuesday, April 28th. Canaccord Genuity Group cut shares of ARC Resources from a “buy” rating to a “hold” rating and raised their target price for the stock from C$31.00 to C$32.00 in a research report on Tuesday, April 28th. Canadian Imperial Bank of Commerce lowered shares of ARC Resources from a “neutral” rating to a “tender” rating and upped their price target for the stock from C$29.00 to C$32.00 in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group downgraded shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of C$30.35.

ARC Resources Stock Up 0.7%

The stock has a fifty day moving average of C$31.20 and a two-hundred day moving average of C$28.35. The company has a quick ratio of 0.42, a current ratio of 0.87 and a debt-to-equity ratio of 43.61. The stock has a market cap of C$18.56 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 0.29 and a beta of -0.36.

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

ARC Resources Company Profile

ARC Resources Ltd. is a pure-play Montney producer and one of Canada’s largest dividend-paying energy companies, featuring low-cost operations. ARC’s investment-grade credit profile is supported by commodity and geographic diversity and robust risk management practices around all aspects of the business.