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

ARC Resources (TSE:ARX) had its target price decreased by investment analysts at Scotiabank from C$30.00 to C$28.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the oil and gas exploration company’s stock. Scotiabank’s price target would suggest a potential upside of 11.64% from the company’s previous close.

Several other brokerages have also recently weighed in on ARX. MKM Partners set a C$34.00 price target on shares of ARC Resources and gave the company a “buy” rating in a research report on Friday, December 19th. Capital One Financial raised shares of ARC Resources to a “strong-buy” rating in a research note on Monday, October 27th. National Bankshares dropped their target price on shares of ARC Resources from C$33.00 to C$30.00 and set an “outperform” rating for the company in a report on Friday, November 7th. CIBC cut their target price on ARC Resources from C$34.00 to C$31.50 in a research note on Wednesday, October 15th. Finally, Roth Mkm upgraded ARC Resources to a “strong-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 assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of C$32.29.

ARC Resources Price Performance

ARX opened at C$25.08 on Wednesday. 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 stock’s 50 day simple moving average is C$25.12 and its 200 day simple moving average is C$25.79. The firm has a market cap of C$14.59 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 0.29 and a beta of -0.23. ARC Resources has a 1 year low of C$22.63 and a 1 year high of C$31.56.

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

About ARC Resources

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.