ARC Resources (ARX) Trading Down 12.6% on Analyst Downgrade
ARC Resources Ltd (TSE:ARX) shares dropped 12.6% on Friday after Raymond James lowered their price target on the stock from C$22.50 to C$21.50. Raymond James currently has a strong-buy rating on the stock. ARC Resources traded as low as C$10.03 and last traded at C$10.42. Approximately 1,311,388 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 1,314,036 shares. The stock had previously closed at C$11.92.
A number of other research firms have also weighed in on ARX. TD Securities lifted their price objective on shares of ARC Resources from C$16.50 to C$17.50 in a research note on Thursday, August 2nd. National Bank Financial reduced their price objective on shares of ARC Resources from C$16.50 to C$13.50 and set a “sector perform” rating for the company in a research note on Friday. GMP Securities reduced their price objective on shares of ARC Resources from C$17.50 to C$16.75 in a research note on Friday. Royal Bank of Canada lifted their price objective on shares of ARC Resources from C$19.00 to C$20.00 and gave the company an “outperform” rating in a research note on Monday, July 30th. Finally, BMO Capital Markets lifted their price objective on shares of ARC Resources from C$15.00 to C$17.00 in a research note on Thursday, August 2nd.
In other news, Director John Patrick Dielwart purchased 6,300 shares of ARC Resources stock in a transaction dated Wednesday, August 22nd. The stock was purchased at an average cost of C$14.49 per share, for a total transaction of C$91,287.00. Also, Director David Ralph Collyer purchased 10,000 shares of ARC Resources stock in a transaction dated 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.
The company also recently declared a nov 18 dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a dividend yield of 4.37%. ARC Resources’s dividend payout ratio (DPR) is currently 161.29%.
ARC Resources Company Profile (TSE:ARX)
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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