ARC Resources (TSE:ARX) Hits New 52-Week High – Still a Buy?

ARC Resources Ltd. (TSE:ARX) hit a new 52-week high on Monday . The company traded as high as C$28.75 and last traded at C$28.66, with a volume of 101960 shares traded. The stock had previously closed at C$28.07.

Wall Street Analysts Forecast Growth

ARX has been the topic of a number of recent analyst reports. National Bankshares lifted their price target on shares of ARC Resources from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. BMO Capital Markets boosted their price objective on shares of ARC Resources from C$30.00 to C$32.00 in a research report on Friday, December 13th. TD Securities boosted their price objective on shares of ARC Resources from C$33.00 to C$34.00 and gave the company a “buy” rating in a research report on Friday, February 7th. CIBC boosted their price objective on shares of ARC Resources from C$34.00 to C$35.00 in a research report on Friday, January 17th. Finally, Jefferies Financial Group boosted their price objective on shares of ARC Resources from C$27.00 to C$29.00 in a research report on Monday, December 16th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ARC Resources presently has an average rating of “Buy” and a consensus target price of C$32.29.

ARC Resources Stock Up 1.7 %

The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05. The firm’s 50 day simple moving average is C$26.28 and its 200-day simple moving average is C$25.21. The stock has a market capitalization of C$16.80 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 0.29 and a beta of 1.26.

About ARC Resources

ARC Resources Ltd. engages in the acquiring and developing crude oil, natural gas, condensate, and natural gas liquids in Canada. It primarily holds interests in the Montney basin located in Alberta and northeast British Columbia. ARC Resources Ltd. was founded in 1996 and is based in Calgary, Canada.