ARC Resources (TSE:ARX) had its target price increased by investment analysts at CIBC from C$11.00 to C$12.00 in a note issued to investors on Wednesday, Price Targets.com reports. The firm currently has an “outperform” rating on the oil and gas exploration company’s stock. CIBC’s price target points to a potential upside of 53.85% from the stock’s current price.
A number of other research firms also recently weighed in on ARX. Raymond James increased their price target on shares of ARC Resources from C$12.00 to C$13.50 and gave the stock a “strong-buy” rating in a research note on Wednesday, March 17th. ATB Capital increased their price target on shares of ARC Resources from C$7.75 to C$10.00 in a research note on Friday, February 12th. National Bank Financial increased their price target on shares of ARC Resources from C$9.00 to C$13.00 in a research note on Friday, February 19th. Tudor Pickering reaffirmed a “buy” rating and set a C$10.00 price target on shares of ARC Resources in a research note on Friday, February 12th. Finally, Canaccord Genuity increased their price target on shares of ARC Resources from C$9.00 to C$9.50 in a research note on Wednesday, March 31st. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of C$11.19.
TSE:ARX opened at C$7.80 on Wednesday. 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 has a market cap of C$5.65 billion and a P/E ratio of -5.03. ARC Resources has a fifty-two week low of C$4.36 and a fifty-two week high of C$8.67. The firm’s 50 day moving average is C$7.80 and its two-hundred 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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