ARC Resources (ARX.TO) Stock Is Rising By 7% In 2 Days: Strong Buy?

On July 5 the ARC Resources (ARX.TO) stock reached its highest value for this month, which was C$10.69. Since then it has not risen so high. On July 16 the same stock was traded at C$9.77. Three days later the ARC Resources (ARX.TO) stock fell to C$8.97, and that is the lowest ARC Resources (ARX.TO) stock value for this month. How far will it rise? The acquisition of Seven Generations Energy Ltd by ARC Resources Ltd was approved by the shareholders of both Canadian companies, as a result of which the energy company took a dominant position in the country’s main shale region, Montney. More than 95% of the votes cast by ARC Resources shareholders at the extraordinary meeting were in support of the deal, the company said Wednesday after the virtual meeting closed.

Seven Generations shareholders also voted in favor of the deal, the company said, without disclosing how many votes were cast in support of the deal. The share deal, announced in February, will create the sixth-largest energy company in the country, valued at C $ 2.7 billion ($ 2.2 billion), with an output of over 340,000 barrels of oil equivalent per day.

Jack Dawkins

Finance and Tech Contributor

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