ARC Resources (TSE:ARX) Given New C$28.00 Price Target at Scotiabank

ARC Resources (TSE:ARX) had its price target reduced by equities researchers at Scotiabank from C$30.00 to C$28.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the oil and gas exploration company’s stock. Scotiabank’s target price would suggest a potential upside of 9.80% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Roth Capital raised shares of ARC Resources to a “strong-buy” rating in a report on Friday, December 19th. UBS Group cut shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 12th. Capital One Financial upgraded ARC Resources to a “strong-buy” rating in a research report on Monday, October 27th. CIBC lowered their price target on ARC Resources from C$34.00 to C$31.50 in a report on Wednesday, October 15th. Finally, MKM Partners set a C$34.00 price objective on shares of ARC Resources and gave the company a “buy” rating in a report on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, ARC Resources has an average rating of “Buy” and a consensus target price of C$32.29.

ARC Resources Price Performance

Shares of TSE:ARX traded up C$1.04 during midday trading on Wednesday, hitting C$25.50. The company had a trading volume of 2,881,275 shares, compared to its average volume of 4,029,927. ARC Resources has a twelve month low of C$22.63 and a twelve month high of C$31.56. The stock has a market cap of C$14.68 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 0.29 and a beta of -0.23. The company has a debt-to-equity ratio of 30.05, a current ratio of 1.14 and a quick ratio of 0.42. The business’s 50-day simple moving average is C$25.07 and its 200-day simple moving average is C$25.80.

ARC Resources (TSE:ARX) last issued its earnings results on Thursday, November 6th. The oil and gas exploration company reported C$0.37 earnings per share (EPS) for the quarter. ARC Resources had a return on equity of 14.60% and a net margin of 20.95%.The company had revenue of C$1.38 billion during the quarter. On average, research analysts predict that ARC Resources will post 2.7255139 earnings per share for the current year.

ARC Resources Company Profile

ARC Resources is an independent energy company engaged in the acquisition, exploration, development, and production of conventional oil and natural gas in Western Canada. The company produces light, medium, and heavy crude, condensate, natural gas liquids, and natural gas. Production averaged 163.6 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds approximately 879 million boe of proven and probable crude oil and natural gas reserves.