Raymond James Cuts ARC Resources (ARX) Price Target to C$22.50

ARC Resources (TSE:ARX) had its price target trimmed by Raymond James from C$23.00 to C$22.50 in a report published on Friday.

Several other equities research analysts also recently weighed in on the stock. BMO Capital Markets increased their target price on shares of 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 shares of ARC Resources from C$16.50 to C$17.50 in a research note on Thursday, August 2nd. Royal Bank of Canada increased their target price 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, CSFB increased their target price on shares of ARC Resources from C$19.00 to C$20.00 in a research note on Wednesday, July 11th.

Shares of ARX opened at C$14.11 on Friday. ARC Resources has a twelve month low of C$11.88 and a twelve month high of C$18.34.

ARC Resources (TSE:ARX) last announced its earnings results on Wednesday, August 1st. The oil and gas exploration company reported C($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.14 by C($0.27). ARC Resources had a net margin of 23.54% and a return on equity of 8.10%. The firm had revenue of C$344.40 million during the quarter, compared to analysts’ expectations of C$353.40 million.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 28th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Thursday, September 27th.

In related news, Director David Ralph Collyer purchased 10,000 shares of ARC Resources stock in a transaction that occurred on Thursday, September 20th. The shares were bought at an average price of C$13.49 per share, with a total value of C$134,900.00. Also, Director John Patrick Dielwart purchased 6,300 shares of ARC Resources stock in a transaction that occurred on Wednesday, August 22nd. The stock was bought at an average cost of C$14.49 per share, for a total transaction of C$91,287.00.

About ARC Resources

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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