Analysts seem to be feeling optimistic about ARC Resources (ARX) lately, with another positive rating update this time from Raymond James. Analyst Jeremy Mccrea rated ARC Resources (ARX) a Buy today, setting a C$18.25 price target.
According to TipRanks.com, Mccrea is ranked 0 out of 5 stars with an average return of -13.5% and a 31.5% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Freehold Royalties Ltd, and PrairieSky Royalty Ltd.
Currently, the analyst consensus on ARC Resources is a Strong Buy with an average price target of C$15.25, a 65.8% upside from current levels. In a report issued on January 7, BMO Capital also reiterated a Buy rating on the stock with a C$11.50 price target.
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Based on ARC Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$45.1 million. In comparison, last year the company had a net profit of C$73.9 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 Thursday at C$9.20.
