ARC Resources (ARX) Stock Price Down 12.6% on Analyst Downgrade

ARC Resources Ltd (TSE:ARX)’s share price fell 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. 1,311,388 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 1,314,036 shares. The stock had previously closed at C$11.92.

Several other research firms have also recently commented on ARX. Royal Bank of Canada lifted their target price on shares of ARC Resources from C$19.00 to C$20.00 and gave the stock an “outperform” rating in a research report on Monday, July 30th. BMO Capital Markets lifted their target price on shares of ARC Resources from C$15.00 to C$17.00 in a research report on Thursday, August 2nd. TD Securities lifted their target price on shares of ARC Resources from C$16.50 to C$17.50 in a research report on Thursday, August 2nd. National Bank Financial dropped their target price on shares of ARC Resources from C$16.50 to C$13.50 and set a “sector perform” rating on the stock in a research report on Friday. Finally, GMP Securities dropped their target price on shares of ARC Resources from C$17.50 to C$16.75 in a research report on Friday.

In other news, Director David Ralph Collyer bought 10,000 shares of the company’s stock in a transaction on 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. Also, Director John Patrick Dielwart bought 6,300 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were purchased at an average cost of C$14.49 per share, for a total transaction of C$91,287.00.

The company has a quick ratio of 0.63, a current ratio of 1.30 and a debt-to-equity ratio of 24.98.

The company also recently announced a nov 18 dividend, which will be paid on Thursday, November 15th. Shareholders 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 is currently 161.29%.

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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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