ARC Resources (ARX) Sets New 1-Year High Following Dividend Announcement

ARC Resources (TSE:ARX)’s share price hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as C$14.00 and last traded at C$13.86, with a volume of 809770 shares changing hands. The stock had previously closed at C$13.93.

The newly announced dividend which will be paid on Tuesday, May 15th. Investors of record on Monday, April 30th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, April 27th. This represents a yield of 4.1%.

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A number of equities research analysts recently commented on the company. TD Securities dropped their target price on ARC Resources from C$19.00 to C$18.50 in a research report on Friday, February 9th. CSFB dropped their target price on ARC Resources from C$21.00 to C$19.00 in a research report on Friday, April 13th. Raymond James Financial dropped their target price on ARC Resources from C$22.00 to C$21.00 in a research report on Monday, February 5th. National Bank Financial dropped their target price on ARC Resources from C$17.00 to C$14.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 9th. Finally, GMP Securities dropped their target price on ARC Resources from C$20.50 to C$18.50 in a research report on Friday, February 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of C$19.95.

ARC Resources (TSE:ARX) last issued its earnings results on Thursday, February 8th. The oil and gas exploration company reported C$0.21 EPS for the quarter, beating the Zacks’ consensus estimate of C$0.15 by C$0.06. The firm had revenue of C$340.30 million for the quarter, compared to analyst estimates of C$338.00 million. ARC Resources had a return on equity of 8.10% and a net margin of 23.54%.

In related news, Director Harold N. Kvisle acquired 6,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were acquired at an average price of C$12.51 per share, for a total transaction of C$75,060.00. Also, Director Harold N. Kvisle acquired 12,000 shares of the stock in a transaction on Monday, February 12th. The stock was bought at an average price of C$12.97 per share, for a total transaction of C$155,640.00. In the last 90 days, insiders acquired 20,300 shares of company stock worth $260,278.

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ARC Resources Company Profile

ARC Resources Ltd., together with its subsidiaries, acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids. It primarily has interest in four core areas located in Alberta and British Columbia, Canada. The company was founded in 1996 and is headquartered in Calgary, Canada.

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