ARC Resources (TSE:ARX) Shares Down 6.8% – Here’s Why

ARC Resources Ltd. (TSE:ARX) dropped 6.8% on Friday . The stock traded as low as C$23.92 and last traded at C$24.38. Approximately 1,906,435 shares were traded during trading, a decline of 13% from the average daily volume of 2,184,991 shares. The stock had previously closed at C$26.17.

Analysts Set New Price Targets

ARX has been the topic of several recent analyst reports. Raymond James Financial decreased their price target on ARC Resources from C$35.00 to C$33.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Capital One Financial upgraded ARC Resources to a “strong-buy” rating in a research report on Monday, October 27th. National Bankshares dropped their target price on shares of ARC Resources from C$38.00 to C$33.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Scotiabank reduced their price target on shares of ARC Resources from C$38.00 to C$36.00 in a research note on Thursday, October 9th. Finally, CIBC lowered their price objective on shares of ARC Resources from C$34.00 to C$31.50 in a research report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$33.32.

ARC Resources Stock Performance

The company has a fifty day moving average price of C$25.58 and a two-hundred day moving average price of C$27.11. The company has a debt-to-equity ratio of 30.05, a current ratio of 1.14 and a quick ratio of 0.42. The company has a market capitalization of C$13.91 billion, a P/E ratio of 9.45, a PEG ratio of 0.29 and a beta of -0.01.

ARC Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 3.2%. ARC Resources’s dividend payout ratio (DPR) 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.