BMO Capital Markets Lowers ARC Resources (TSE:ARX) Price Target to C$28.00

ARC Resources (TSE:ARX) had its target price dropped by analysts at BMO Capital Markets from C$33.00 to C$28.00 in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has an “outperform” rating on the oil and gas exploration company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 20.90% from the stock’s previous close.

Other analysts also recently issued reports about the company. MKM Partners set a C$34.00 price target on ARC Resources and gave the company a “buy” rating in a research note on Friday, December 19th. CIBC World Markets lowered shares of ARC Resources from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from C$27.50 to C$25.50 in a research report on Monday. Cibc Captl Mkts cut shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday. Desjardins decreased their target price on shares of ARC Resources from C$31.00 to C$27.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Canadian Imperial Bank of Commerce lowered their target price on shares of ARC Resources from C$34.00 to C$31.50 in a report on Wednesday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$29.21.

ARC Resources Stock Performance

Shares of TSE ARX traded up C$0.33 during mid-day trading on Monday, reaching C$23.16. 4,305,571 shares of the company were exchanged, compared to its average volume of 4,543,331. ARC Resources has a twelve month low of C$21.14 and a twelve month high of C$31.56. The stock has a market capitalization of C$13.33 billion, a P/E ratio of 9.86, a P/E/G ratio of 0.29 and a beta of 0.00. The company’s 50-day simple moving average is C$25.18 and its 200-day simple moving average is C$25.60. 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 issued its quarterly earnings data 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%. As a group, research analysts predict that ARC Resources will post 2.7255139 earnings per share for the current year.

ARC Resources Company Profile

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.