ARC Resources (TSE:ARX) Price Target Cut to C$11.00
ARC Resources (TSE:ARX) had its target price reduced by CIBC from C$13.00 to C$11.00 in a report released on Thursday, BayStreet.CA reports.
A number of other brokerages also recently commented on ARX. BMO Capital Markets reaffirmed a hold rating and set a $9.50 price objective on shares of Vicon Industries in a research report on Friday, June 14th. Raymond James reiterated a hold rating on shares of PrairieSky Royalty in a research note on Thursday, July 11th. Tudor Pickering & Holt restated a hold rating on shares of MEG Energy in a research note on Friday, June 7th. GMP Securities restated a buy rating and issued a $22.25 price objective on shares of SPDR Wells Fargo Preferred Stock ETF in a research note on Friday, June 28th. Finally, TD Securities boosted their target price on shares of Champion Iron from C$3.50 to C$3.75 and gave the stock a buy rating in a research report on Friday, June 21st. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of C$10.91.
Shares of TSE:ARX opened at C$6.35 on Thursday. ARC Resources has a fifty-two week low of C$6.08 and a fifty-two week high of C$15.90. The company has a market cap of $2.24 billion and a P/E ratio of 21.90. The firm has a 50-day moving average price of C$6.70. The company has a debt-to-equity ratio of 26.10, a quick ratio of 0.95 and a current ratio of 1.38.
The firm also recently announced a jun 19 dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $0.05 per share. The ex-dividend date was Thursday, June 27th. This represents a yield of 8.63%. ARC Resources’s payout ratio is 206.90%.
About ARC Resources
ARC Resources Ltd., together with its subsidiaries, acquires, develops, and holds interest in petroleum and natural gas properties and assets in Canada. The company holds interests in the Montney properties located in northeast British Columbia and northern Alberta; and Cardium properties in the Pembina area of Alberta.
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