ARC Resources (TSE:ARX) Cut to Market Perform at Raymond James Financial

ARC Resources (TSE:ARX) was downgraded by Raymond James Financial from an “outperform” rating to a “market perform” rating in a research report issued on Monday,BayStreet.CA reports. They currently have a C$28.00 price target on the oil and gas exploration company’s stock, down from their prior price target of C$31.00. Raymond James Financial’s price objective would indicate a potential upside of 20.90% from the company’s previous close.

ARX has been the topic of a number of other research reports. UBS Group downgraded ARC Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 12th. Canadian Imperial Bank of Commerce cut their price objective on ARC Resources from C$34.00 to C$31.50 in a research note on Wednesday, October 15th. MKM Partners set a C$34.00 target price on shares of ARC Resources and gave the stock a “buy” rating in a research report on Friday, December 19th. Roth Mkm raised ARC Resources to a “strong-buy” rating in a research report on Friday, December 19th. Finally, Cibc Captl Mkts lowered shares of ARC Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday. Two 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$29.21.

ARC Resources Stock Up 1.4%

ARX traded up C$0.33 on Monday, reaching C$23.16. The company’s stock had a trading volume of 4,305,571 shares, compared to its average volume of 4,543,331. The company has a debt-to-equity ratio of 30.05, a current ratio of 1.14 and a quick ratio of 0.42. ARC Resources has a 1 year low of C$21.14 and a 1 year high of C$31.56. The business’s 50 day moving average is C$25.18 and its 200 day moving average is C$25.60. The stock has a market cap of C$13.33 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 0.29 and a beta of 0.00.

ARC Resources (TSE:ARX) last issued its quarterly earnings results on Thursday, February 5th. The oil and gas exploration company reported C$0.46 earnings per share for the quarter. ARC Resources had a return on equity of 14.60% and a net margin of 20.95%. As a group, research analysts forecast that ARC Resources will post 2.7255139 EPS for the current fiscal 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.