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

ARC Resources (TSE:ARX) had its price objective cut by Scotiabank from C$30.00 to C$28.00 in a report published on Wednesday morning,BayStreet.CA reports. They currently have a sector perform rating on the oil and gas exploration company’s stock.

Several other brokerages have also weighed in on ARX. UBS Group lowered shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 12th. MKM Partners set a C$34.00 price target on ARC Resources and gave the stock a “buy” rating in a research note on Friday, December 19th. Capital One Financial raised ARC Resources to a “strong-buy” rating in a report on Monday, October 27th. Jefferies Financial Group cut their price objective on ARC Resources from C$28.00 to C$27.00 in a research note on Tuesday. Finally, CIBC decreased their target price on ARC Resources from C$34.00 to C$31.50 in a research report on Wednesday, October 15th. Two 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 data from MarketBeat.com, ARC Resources has an average rating of “Buy” and an average target price of C$32.29.

ARC Resources Price Performance

ARX stock opened at C$25.33 on Wednesday. The company has a quick ratio of 0.42, a current ratio of 1.14 and a debt-to-equity ratio of 30.05. ARC Resources has a 52-week low of C$22.63 and a 52-week high of C$31.56. The stock’s 50 day moving average is C$25.13 and its two-hundred day moving average is C$25.78. The company has a market capitalization of C$14.73 billion, a PE ratio of 10.78, a P/E/G ratio of 0.29 and a beta of -0.23.

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