ARC Resources (TSE:ARX) Downgraded by Jefferies Financial Group to “Hold”

Jefferies Financial Group cut shares of ARC Resources (TSE:ARX) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

ARX has been the subject of several other reports. Canadian Imperial Bank of Commerce cut ARC Resources from a “neutral” rating to a “tender” rating and boosted their price objective for the stock from C$29.00 to C$32.00 in a report on Tuesday. Scotiabank raised ARC Resources to a “hold” rating in a report on Wednesday, April 1st. Capital One Financial cut ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday. ATB Cormark Capital Markets cut ARC Resources from an “outperform” rating to a “tender” rating and set a C$31.00 price objective for the company. in a report on Tuesday. Finally, BMO Capital Markets cut ARC Resources from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from C$30.00 to C$32.00 in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ARC Resources presently has a consensus rating of “Hold” and an average target price of C$29.98.

ARC Resources Stock Up 1.9%

Shares of TSE ARX opened at C$31.97 on Wednesday. The firm’s 50-day simple moving average is C$27.02 and its 200 day simple moving average is C$25.75. The company has a market cap of C$18.60 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 0.29 and a beta of -0.30. The company has a quick ratio of 0.42, a current ratio of 0.70 and a debt-to-equity ratio of 58.50. ARC Resources has a 12-month low of C$21.14 and a 12-month high of C$31.99.

ARC Resources (TSE:ARX) last issued its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported C$1.03 earnings per share (EPS) for the quarter. The business had revenue of C$2.10 billion for the quarter. ARC Resources had a net margin of 20.99% and a return on equity of 15.52%. On average, research analysts expect that ARC Resources will post 2.7255139 earnings per share for the current fiscal year.

ARC Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 15th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Tuesday, March 31st. ARC Resources’s dividend payout ratio (DPR) is currently 35.62%.

About ARC Resources

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.