ARC Resources (TSE:ARX) Downgraded by Scotiabank to “Hold”

Scotiabank downgraded shares of ARC Resources (TSE:ARX) from an outperform rating to a hold rating in a research note released on Friday morning, Marketbeat Ratings reports. They currently have C$30.00 target price on the oil and gas exploration company’s stock, down from their previous target price of C$36.00.

A number of other analysts have also commented on the company. Capital One Financial upgraded ARC Resources to a “strong-buy” rating in a report on Monday, October 27th. Raymond James Financial decreased their price target on ARC Resources from C$35.00 to C$33.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. National Bankshares cut their target price on shares of ARC Resources from C$33.00 to C$30.00 and set an “outperform” rating for the company in a research note on Friday. Finally, CIBC lowered their price target on ARC Resources from C$34.00 to C$31.50 in a research report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, ARC Resources presently has a consensus rating of “Buy” and a consensus target price of C$32.50.

ARC Resources Stock Down 8.7%

Shares of ARX stock traded down C$2.28 during trading hours on Friday, hitting C$23.89. 11,185,655 shares of the company were exchanged, compared to its average volume of 2,235,428. The company has a market capitalization of C$13.90 billion, a PE ratio of 9.44, a PEG ratio of 0.29 and a beta of -0.01. ARC Resources has a 52 week low of C$22.63 and a 52 week high of C$31.56. The business has a 50 day moving average of C$25.53 and a two-hundred day moving average of C$27.09. The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05.

ARC Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Monday, September 29th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 3.2%. ARC Resources’s payout ratio is currently 29.25%.

ARC Resources Company Profile

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.