Scotiabank Upgrades ARC Resources (TSE:ARX) to “Hold”

ARC Resources (TSE:ARX) was upgraded by investment analysts at Scotiabank to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. MKM Partners set a C$34.00 target price on ARC Resources and gave the stock a “buy” rating in a research note on Friday, December 19th. Canadian Imperial Bank of Commerce lowered shares of ARC Resources from an “outperform” rating to a “neutral” rating and cut their price target for the company from C$27.50 to C$25.50 in a research note on Monday, February 9th. National Bank Financial cut shares of ARC Resources from an “outperform” rating to a “hold” rating and reduced their price target for the company from C$27.00 to C$26.00 in a report on Friday, February 6th. BMO Capital Markets lowered their price objective on shares of ARC Resources from C$33.00 to C$28.00 and set an “outperform” rating for the company in a research report on Monday, February 9th. Finally, Raymond James Financial lowered shares of ARC Resources from a “moderate buy” rating to a “hold” rating and dropped their price objective for the stock from C$31.00 to C$28.00 in a report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$29.00.

ARC Resources Stock Performance

ARX stock opened at C$27.66 on Wednesday. ARC Resources has a 1-year low of C$21.14 and a 1-year high of C$31.56. The company has a current ratio of 0.70, a quick ratio of 0.42 and a debt-to-equity ratio of 58.50. The firm has a market cap of C$16.09 billion, a PE ratio of 12.63, a P/E/G ratio of 0.29 and a beta of -0.06. The business’s 50-day moving average price is C$26.18 and its two-hundred day moving average price is C$25.58.

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. The company had revenue of C$1.58 billion during the quarter. ARC Resources had a return on equity of 15.52% and a net margin of 20.99%. As a group, research analysts forecast that ARC Resources will post 2.7255139 earnings per share 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.