CIBC Boosts ARC Resources (TSE:ARX) Price Target to C$12.00

ARC Resources (TSE:ARX) had its target price hoisted by equities research analysts at CIBC from C$11.00 to C$12.00 in a report released on Wednesday, PriceTargets.com reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. CIBC’s target price points to a potential upside of 53.85% from the stock’s current price.

ARX has been the topic of a number of other research reports. BMO Capital Markets lifted their price target on shares of ARC Resources from C$9.00 to C$11.00 in a research report on Friday, February 12th. Royal Bank of Canada boosted their target price on shares of ARC Resources from C$10.00 to C$12.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 3rd. National Bank Financial boosted their target price on shares of ARC Resources from C$9.00 to C$13.00 in a research report on Friday, February 19th. Raymond James boosted their target price on shares of ARC Resources from C$12.00 to C$13.50 and gave the stock a “strong-buy” rating in a research report on Wednesday, March 17th. Finally, Tudor Pickering & Holt set a C$10.00 target price on shares of ARC Resources and gave the stock a “buy” rating in a research report on Friday, February 12th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of C$11.19.

TSE:ARX opened at C$7.80 on Wednesday. ARC Resources has a 12 month low of C$4.36 and a 12 month high of C$8.67. The firm has a market cap of C$5.65 billion and a price-to-earnings ratio of -5.03. The company has a quick ratio of 0.37, a current ratio of 0.44 and a debt-to-equity ratio of 26.92. The company’s 50 day moving average is C$7.80 and its 200-day moving average is C$6.85.

About ARC Resources

ARC Resources Ltd. explores, develops, and produces crude oil, natural gas, and natural gas liquids in Canada. The company holds interests in the Montney properties located in northeast British Columbia and northern Alberta; and Pembina Cardium properties in central Alberta. As of December 31, 2020, it had proved plus probable reserves of 929 millions of barrels of oil equivalent.

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Analyst Recommendations for ARC Resources (TSE:ARX)

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