ARC Resources (TSE:ARX) Cut to Neutral at CIBC World Markets

CIBC World Markets lowered shares of ARC Resources (TSE:ARX) from an outperform rating to a neutral rating in a research note published on Monday morning,BayStreet.CA reports. CIBC World Markets currently has C$25.50 price objective on the oil and gas exploration company’s stock, down from their previous price objective of C$27.50.

Several other equities analysts have also issued reports on ARX. MKM Partners set a C$34.00 price target on ARC Resources and gave the stock a “buy” rating in a research report on Friday, December 19th. Jefferies Financial Group decreased their price objective on shares of ARC Resources from C$28.00 to C$27.00 in a report on Tuesday, January 20th. Roth Mkm upgraded ARC Resources to a “strong-buy” rating in a research note on Friday, December 19th. Cibc Captl Mkts lowered ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Finally, Raymond James Financial lowered shares of ARC Resources from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from C$31.00 to C$28.00 in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of C$29.21.

ARC Resources Stock Up 2.9%

Shares of ARC Resources stock opened at C$24.20 on Monday. ARC Resources has a 1 year low of C$21.14 and a 1 year high of C$31.56. 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 company has a 50-day moving average of C$25.05 and a 200 day moving average of C$25.54. The firm has a market cap of C$13.81 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 0.29 and a beta of 0.00.

ARC Resources (TSE:ARX) last announced its quarterly earnings data on Thursday, February 5th. The oil and gas exploration company reported C$0.46 earnings per share for the quarter. ARC Resources had a net margin of 20.95% and a return on equity of 14.60%. The business had revenue of C$1.58 billion for the quarter. As a group, sell-side analysts anticipate 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.