Royal Bank Of Canada Increases ARC Resources (TSE:ARX) Price Target to C$32.00

Key Points

• Royal Bank of Canada raised its price target on ARC Resources to C$32.00 from C$28.00 and kept an outperform rating, implying modest upside from the prior close.
• Several other analysts also adjusted their views, with a mix of upgrades and downgrades; overall, ARC Resources now carries a consensus Hold rating and an average target price of C$30.35.
• The stock traded at C$31.49 on Wednesday after the company reported quarterly EPS of C$1.03 and revenue of C$2.10 billion, while analysts expect full-year EPS of about 2.73.

ARC Resources (TSE:ARX - Get Free Report) had its target price upped by analysts at Royal Bank Of Canada from C$28.00 to C$32.00 in a report released on Wednesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the oil and gas exploration company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 1.62% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Scotiabank upgraded shares of ARC Resources to a "hold" rating in a report on Wednesday, April 1st. ATB Cormark Capital Markets lowered ARC Resources from an "outperform" rating to a "tender" rating and set a C$31.00 target price for the company. in a research report on Tuesday, April 28th. BMO Capital Markets downgraded ARC Resources from an "outperform" rating to a "market perform" rating and increased their price target for the stock from C$30.00 to C$32.00 in a report on Tuesday, April 28th. Raymond James Financial lifted their target price on ARC Resources from C$29.00 to C$32.80 in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group downgraded shares of ARC Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, ARC Resources has a consensus rating of "Hold" and an average target price of C$30.35.

ARC Resources Price Performance

TSE:ARX traded down C$0.17 on Wednesday, reaching C$31.49. 1,187,140 shares of the company's stock traded hands, compared to its average volume of 4,834,294. The firm has a market cap of C$17.84 billion, a PE ratio of 12.45, a P/E/G ratio of 0.29 and a beta of -0.36. The company has a quick ratio of 0.42, a current ratio of 0.87 and a debt-to-equity ratio of 43.61. The stock has a 50-day simple moving average of C$30.94 and a 200-day simple moving average of C$27.81. ARC Resources has a 12 month low of C$21.14 and a 12 month high of C$32.58.

ARC Resources (TSE:ARX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported C$1.03 earnings per share (EPS) for the quarter. ARC Resources had a net margin of 22.18% and a return on equity of 17.43%. The company had revenue of C$2.10 billion for the quarter. Equities research analysts forecast 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.

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