Raymond James Trims ARC Resources (ARX) Target Price to C$21.50
ARC Resources (TSE:ARX) had its price objective trimmed by Raymond James from C$22.50 to C$21.50 in a report issued on Friday morning. The brokerage currently has a strong-buy rating on the oil and gas exploration company’s stock.
Several other research firms have also issued reports on ARX. Royal Bank of Canada increased their target price on ARC Resources from C$19.00 to C$20.00 and gave the stock an outperform rating in a research note on Monday, July 30th. BMO Capital Markets increased their target price on ARC Resources from C$15.00 to C$17.00 in a research note on Thursday, August 2nd. TD Securities increased their target price on ARC Resources from C$16.50 to C$17.50 in a research note on Thursday, August 2nd. National Bank Financial decreased their target price on ARC Resources from C$16.50 to C$13.50 and set a sector perform rating on the stock in a research note on Friday. Finally, GMP Securities decreased their target price on ARC Resources from C$17.50 to C$16.75 in a research note on Friday.
Shares of ARC Resources stock traded down C$1.43 during trading hours on Friday, hitting C$10.49. The company’s stock had a trading volume of 5,512,200 shares, compared to its average volume of 1,333,285. ARC Resources has a twelve month low of C$10.03 and a twelve month high of C$18.34. The company has a quick ratio of 0.63, a current ratio of 1.30 and a debt-to-equity ratio of 24.98.
In other news, Director David Ralph Collyer bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were purchased at an average price of C$13.49 per share, with a total value of C$134,900.00. Also, Director John Patrick Dielwart bought 6,300 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were purchased at an average cost of C$14.49 per share, for a total transaction of C$91,287.00.
ARC Resources Company Profile
ARC Resources Ltd., together with its subsidiaries, engages in the acquisition, exploration, development, and production of crude oil, natural gas, condensate, and natural gas liquids. The company primarily holds interests in the Montney resource play properties located in northeast British Columbia and northern Alberta; and other assets located in the Cardium formation in the Pembina area of Alberta.
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