Canaccord Genuity Group Increases ARC Resources (TSE:ARX) Price Target to C$29.00

ARC Resources (TSE:ARX) had its target price lifted by equities research analysts at Canaccord Genuity Group from C$27.00 to C$29.00 in a research report issued on Friday, BayStreet.CA reports. Canaccord Genuity Group’s price objective points to a potential upside of 25.70% from the company’s current price.

A number of other analysts also recently issued reports on the stock. CIBC lifted their price target on shares of ARC Resources from C$31.00 to C$34.00 in a report on Monday, July 15th. Desjardins lifted their price target on shares of ARC Resources from C$30.00 to C$31.50 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Jefferies Financial Group lifted their price target on shares of ARC Resources from C$28.00 to C$30.00 and gave the company a “buy” rating in a report on Friday, April 12th. Stifel Nicolaus lifted their price target on shares of ARC Resources from C$29.00 to C$31.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, TD Securities lifted their price target on shares of ARC Resources from C$27.00 to C$29.00 in a report on Friday, May 10th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, ARC Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of C$30.68.

ARC Resources Price Performance

Shares of ARX stock traded down C$0.32 on Friday, hitting C$23.07. 1,093,439 shares of the stock traded hands, compared to its average volume of 1,962,397. The firm has a market cap of C$13.79 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.29 and a beta of 1.32. ARC Resources has a 52 week low of C$19.02 and a 52 week high of C$26.17. The firm has a 50 day simple moving average of C$24.36 and a two-hundred day simple moving average of C$23.84. The company has a debt-to-equity ratio of 29.15, a current ratio of 0.79 and a quick ratio of 0.42.

ARC Resources (TSE:ARX) last announced its quarterly earnings data on Thursday, May 9th. The oil and gas exploration company reported C$0.31 EPS for the quarter, missing the consensus estimate of C$0.48 by C($0.17). The firm had revenue of C$1.31 billion for the quarter, compared to the consensus estimate of C$1.08 billion. ARC Resources had a net margin of 22.74% and a return on equity of 16.66%. As a group, equities research analysts predict that ARC Resources will post 1.9710258 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Senior Officer Armin Jahangiri sold 24,343 shares of ARC Resources stock in a transaction dated Monday, June 10th. The shares were sold at an average price of C$25.47, for a total transaction of C$619,913.97. In related news, Senior Officer Larissa Marianne Conrad sold 17,395 shares of ARC Resources stock in a transaction dated Friday, May 31st. The shares were sold at an average price of C$25.65, for a total transaction of C$446,181.75. Also, Senior Officer Armin Jahangiri sold 24,343 shares of ARC Resources stock in a transaction dated Monday, June 10th. The shares were sold at an average price of C$25.47, for a total transaction of C$619,913.97. In the last ninety days, insiders sold 118,705 shares of company stock valued at $3,029,226. Company insiders own 0.38% of the company’s stock.

About ARC Resources

ARC Resources Ltd. engages in the acquiring and developing crude oil, natural gas, condensate, and natural gas liquids in Canada. It primarily holds interests in the Montney basin located in Alberta and northeast British Columbia. ARC Resources Ltd. was founded in 1996 and is based in Calgary, Canada.