What Next for ARC Resources Ltd After Today’s Gap Up?

 What Next for ARC Resources Ltd After Today's Gap Up?

The stock of ARC Resources Ltd (TSE:ARX) gapped up by $0.12 today and has $34.04 target or 48.00% above today’s $23.00 share price. The 5 months technical chart setup indicates low risk for the $7.87 billion company. The gap was reported on Nov, 7 by Barchart.com. If the $34.04 price target is reached, the company will be worth $3.78 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 282,688 shares traded hands. ARC Resources Ltd (TSE:ARX) has risen 28.22% since April 1, 2016 and is uptrending. It has outperformed by 26.27% the S&P500.

ARC Resources Ltd (TSE:ARX) Ratings Coverage

Out of 5 analysts covering ARC Resources (TSE:ARX), 4 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 80% are positive. $32 is the highest target while $19.50 is the lowest. The $26.10 average target is 13.48% above today’s ($23) stock price. ARC Resources has been the topic of 25 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Wednesday, June 15 by IBC. The firm has “Outperform” rating by National Bank Canada given on Thursday, November 19. The stock of ARC Resources Ltd (TSE:ARX) earned “Outperform” rating by Scotia Capital on Friday, July 29. Raymond James maintained it with “” rating and $27 target price in Monday, June 6 report. The stock of ARC Resources Ltd (TSE:ARX) has “Hold” rating given on Friday, July 29 by TD Securities.

More notable recent ARC Resources Ltd (TSE:ARX) news were published by: Bloomberg.com which released: “ARC Resources Said to Hire RBC for Sale of Saskatchewan Assets” on September 21, 2016, also Marketwatch.com with their article: “ARC Resources Ltd. Confirms January 15, 2016 Dividend Amount” published on December 17, 2015, Fool.ca published: “3 Reasons Why Arc Resources Ltd. Is the Top Energy Stock to Buy Today” on April 16, 2015. More interesting news about ARC Resources Ltd (TSE:ARX) were released by: Marketwatch.com and their article: “ARC Resources Ltd. Confirms November 15, 2016 Dividend Amount” published on October 17, 2016 as well as Marketwatch.com‘s news article titled: “ARC Resources Ltd. Confirms July 15, 2016 Dividend Amount” with publication date: June 16, 2016.

ARC Resources Ltd. is a Canada-based gas and oil company. The company has a market cap of $7.87 billion. The Company’s business activities include the exploration, development and production of crude oil, natural gas and natural gas liquids in over five areas across western Canada. It currently has negative earnings. The Firm is focused on the acquisition and development of resource-rich properties that provide an option for both near-term and long-term growth.

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