ARC Resources (TSE:ARX)’s share price hit a new 52-week high on Tuesday after the company announced a dividend. The company traded as high as C$14.00 and last traded at C$13.86, with a volume of 809770 shares traded. The stock had previously closed at C$13.93.
The newly announced dividend which will be paid on Tuesday, May 15th. Shareholders of record on Monday, April 30th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Friday, April 27th. This represents a yield of 4.1%.
A number of equities research analysts have commented on ARX shares. CSFB reduced their price target on ARC Resources from C$21.00 to C$19.00 in a research report on Friday. GMP Securities cut their target price on ARC Resources from C$20.50 to C$18.50 in a research report on Friday, February 9th. TD Securities cut their target price on ARC Resources from C$19.00 to C$18.50 in a research report on Friday, February 9th. Raymond James Financial cut their target price on ARC Resources from C$22.00 to C$21.00 in a research report on Monday, February 5th. Finally, Barclays cut their target price on ARC Resources from C$19.00 to C$16.00 in a research report on Wednesday, January 17th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. ARC Resources presently has a consensus rating of “Buy” and a consensus price target of C$19.95.
In other news, Director Harold N. Kvisle bought 6,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of C$12.51 per share, with a total value of C$75,060.00. Also, Director Harold N. Kvisle bought 12,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was purchased at an average cost of C$12.97 per share, with a total value of C$155,640.00. Insiders have purchased 20,300 shares of company stock valued at $260,278 over the last ninety days.
About ARC Resources
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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