Scotiabank Increases ARC Resources (TSE:ARX) Price Target to C$22.00

ARC Resources (TSE:ARX) had its target price lifted by equities researchers at Scotiabank from C$19.00 to C$22.00 in a note issued to investors on Thursday, BayStreet.CA reports. Scotiabank’s price target would indicate a potential upside of 81.97% from the stock’s previous close.

ARX has been the subject of several other research reports. Tudor Pickering & Holt boosted their price target on ARC Resources from C$13.00 to C$15.00 and gave the stock a “buy” rating in a research note on Thursday, October 7th. Canaccord Genuity reiterated a “buy” rating on shares of ARC Resources in a research report on Thursday, September 16th. Raymond James reiterated an “outperform” rating and set a C$14.00 price objective on shares of ARC Resources in a research report on Tuesday, August 3rd. CIBC upped their price objective on ARC Resources from C$12.00 to C$14.00 and gave the company a “na” rating in a research report on Wednesday, July 14th. Finally, National Bankshares reduced their price objective on ARC Resources from C$15.00 to C$13.50 in a research report on Monday, July 19th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ARC Resources has an average rating of “Buy” and an average price target of C$13.81.

ARC Resources stock traded up C$0.27 during trading hours on Thursday, reaching C$12.09. The company had a trading volume of 2,113,533 shares, compared to its average volume of 3,181,092. The company has a debt-to-equity ratio of 51.17, a current ratio of 0.38 and a quick ratio of 0.34. The company has a 50-day moving average price of C$9.82 and a 200 day moving average price of C$9.31. The firm has a market cap of C$8.76 billion and a price-to-earnings ratio of 50.63. ARC Resources has a 12-month low of C$5.68 and a 12-month high of C$12.67.

ARC Resources (TSE:ARX) last issued its quarterly earnings data on Thursday, July 29th. The oil and gas exploration company reported C($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of C$0.31 by C($0.46). The firm had revenue of C$1.23 billion during the quarter. As a group, research analysts expect that ARC Resources will post 1.5599999 earnings per share for the current year.

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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