Raymond James Increases ARC Resources (ARX) Price Target to C$18.25
ARC Resources (TSE:ARX) had its price objective lifted by stock analysts at Raymond James from C$18.00 to C$18.25 in a research note issued to investors on Thursday. The brokerage currently has a “strong-buy” rating on the oil and gas exploration company’s stock. Raymond James’ price objective would suggest a potential upside of 92.51% from the company’s previous close.
A number of other research firms also recently commented on ARX. 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 report on Friday, November 9th. GMP Securities lowered their price objective on shares of ARC Resources from C$17.50 to C$16.75 in a research report on Friday, November 9th. TD Securities lowered their price objective on shares of ARC Resources from C$17.00 to C$15.50 and set a “buy” rating for the company in a research report on Monday, November 12th. CIBC reduced their target price on shares of ARC Resources from C$20.00 to C$17.00 in a research note on Tuesday, November 13th. Finally, Royal Bank of Canada reduced their target price on shares of ARC Resources from C$18.00 to C$12.00 in a research note on Tuesday.
ARX stock opened at C$9.48 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.35 and a debt-to-equity ratio of 24.20. ARC Resources has a 52-week low of C$7.38 and a 52-week high of C$15.90.
In other ARC Resources news, Director Myron Maurice Stadnyk bought 5,000 shares of the stock in a transaction on Monday, November 12th. The stock was purchased at an average price of C$10.22 per share, with a total value of C$51,100.00. Also, insider Larissa Marianne Conrad bought 3,060 shares of the stock in a transaction on Wednesday, December 5th. The shares were acquired at an average cost of C$9.15 per share, with a total value of C$27,999.00. In the last three months, insiders bought 100,593 shares of company stock valued at $932,790.
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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