Analysts seem to be optimistic about ARC Resources (ARX) lately, with several positive ratings in a row that it received in the past month alone. Analyst Jeremy Mccrea from Raymond James reiterated a Buy rating, with a C$21.50 price target today.
According to TipRanks.com, Mccrea has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.3% and a 27.6% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Bellatrix Exploration, Baytex Energy Corp, and Surge Energy.
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The word on The Street in general, suggests a Strong Buy analyst consensus rating for ARC Resources with a C$18.50 average price target, representing a 76.4% upside. In a report issued on October 31, Desjardins also reiterated a Buy rating on the stock with a C$17.50 price target.
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Based on ARC Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$343 million and GAAP net loss of C$45.9 million. In comparison, last year the company had a net profit of C$48.5 million.
ARC Resources Ltd. engages in the exploration, development, and production of crude oil and natural gas. Its projects include Montney operations in northeast British Columbia, and the Pembina Cardium in Alberta. The company was founded by John P. Dielwart and Mac H. van Wielingen in 1996 and is headquartered in Calgary, Canada.
The company’s shares closed on Friday at C$10.49.
