ARC Resources (TSE:ARX) Cut to “Market Perform” at Raymond James Financial

Raymond James Financial downgraded shares of ARC Resources (TSE:ARX) from an outperform rating to a market perform rating in a research note released on Monday,BayStreet.CA reports. They currently have C$28.00 price target on the oil and gas exploration company’s stock, down from their previous price target of C$31.00.

ARX has been the subject of a number of other reports. Scotiabank decreased their price objective on ARC Resources from C$30.00 to C$28.00 and set a “sector perform” rating for the company in a report on Wednesday, January 21st. Capital One Financial upgraded shares of ARC Resources to a “strong-buy” rating in a report on Monday, October 27th. National Bank Financial cut shares of ARC Resources from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from C$27.00 to C$26.00 in a report on Friday, February 6th. UBS Group lowered shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 12th. Finally, Cibc Captl Mkts cut shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$29.21.

ARC Resources Stock Up 2.9%

Shares of ARC Resources stock opened at C$24.20 on Monday. The stock has a market cap of C$13.81 billion, a PE ratio of 11.05, a price-to-earnings-growth ratio of 0.29 and a beta of 0.00. ARC Resources has a 12 month low of C$21.14 and a 12 month high of C$31.56. The business has a fifty day simple moving average of C$25.05 and a 200 day simple moving average of C$25.54. 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 (TSE:ARX) last announced its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported C$0.46 earnings per share (EPS) for the quarter. ARC Resources had a net margin of 20.95% and a return on equity of 14.60%. The company had revenue of C$1.58 billion during the quarter. Research analysts predict that ARC Resources will post 2.7255139 EPS 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.