CIBC Issues Pessimistic Forecast for ARC Resources (TSE:ARX) Stock Price

ARC Resources (TSE:ARX) had its price target dropped by investment analysts at CIBC from C$34.00 to C$31.50 in a report issued on Wednesday,BayStreet.CA reports. CIBC’s price target points to a potential upside of 26.76% from the company’s previous close.

Several other research analysts also recently weighed in on the company. BMO Capital Markets lifted their target price on ARC Resources from C$32.00 to C$33.00 and gave the company an “outperform” rating in a research note on Thursday, July 3rd. Raymond James Financial lowered their target price 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. Finally, Scotiabank lowered their target price on ARC Resources from C$38.00 to C$36.00 in a research note on Thursday, October 9th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of C$33.29.

ARC Resources Trading Down 1.9%

Shares of ARX stock opened at C$24.85 on Wednesday. The business’s 50 day moving average is C$25.95 and its two-hundred day moving average is C$27.17. ARC Resources has a twelve month low of C$22.50 and a twelve month high of C$31.56. The company has a market capitalization of C$14.45 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 0.29 and a beta of 0.13. The company has a current ratio of 1.14, a quick ratio of 0.42 and a debt-to-equity ratio of 30.05.

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.