National Bankshares Lowers ARC Resources (TSE:ARX) Price Target to C$30.00

ARC Resources (TSE:ARX) had its target price cut by analysts at National Bankshares from C$33.00 to C$30.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. National Bankshares’ target price would indicate a potential upside of 25.58% from the stock’s previous close.

Several other brokerages have also recently issued reports on ARX. Scotiabank decreased their target price on shares of ARC Resources from C$38.00 to C$36.00 in a research report on Thursday, October 9th. Raymond James Financial reduced their price objective on ARC Resources from C$35.00 to C$33.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. CIBC lowered their price objective on ARC Resources from C$34.00 to C$31.50 in a research note on Wednesday, October 15th. Finally, Capital One Financial upgraded ARC Resources to a “strong-buy” rating in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of C$32.50.

ARC Resources Price Performance

ARC Resources stock traded down C$2.28 during mid-day trading on Friday, reaching C$23.89. 11,185,655 shares of the company’s stock traded hands, compared to its average volume of 2,235,428. ARC Resources has a 12-month low of C$22.63 and a 12-month high of C$31.56. The company has a quick ratio of 0.42, a current ratio of 1.14 and a debt-to-equity ratio of 30.05. The stock has a 50 day moving average of C$25.58 and a two-hundred day moving average of C$27.11. The company has a market cap of C$13.90 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 0.29 and a beta of -0.01.

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.