Scotiabank Lowers ARC Resources (TSE:ARX) Price Target to C$28.00

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

A number of other research analysts also recently issued reports on ARX. Roth Capital upgraded ARC Resources to a “strong-buy” rating in a report on Friday, December 19th. CIBC dropped their target price on shares of ARC Resources from C$34.00 to C$31.50 in a research report on Wednesday, October 15th. Capital One Financial upgraded shares of ARC Resources to a “strong-buy” rating in a research note on Monday, October 27th. MKM Partners set a C$34.00 price objective on shares of ARC Resources and gave the stock a “buy” rating in a research note on Friday, December 19th. Finally, Jefferies Financial Group dropped their price target on ARC Resources from C$28.00 to C$27.00 in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of C$32.29.

ARC Resources Trading Up 4.3%

Shares of TSE ARX traded up C$1.04 during midday trading on Wednesday, hitting C$25.50. The company’s stock had a trading volume of 2,881,275 shares, compared to its average volume of 4,029,927. The business’s 50 day moving average is C$25.07 and its two-hundred day moving average is C$25.80. The firm has a market cap of C$14.68 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 0.29 and a beta of -0.23. The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05. ARC Resources has a 12-month low of C$22.63 and a 12-month high of C$31.56.

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