A Wall Street analyst has provided a review for the Materials company on March 21, but retained the same rating on the stock. Analyst Randy Ollenberger remains bullish on ARC Resources (ARX) and has a C$12 price target.
According to TipRanks.com, Ollenberger is a 1-star analyst with an average return of -1.4% and a 45.5% success rate. Ollenberger covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Athabasca Oil Corporation, and Birchcliff Energy Ltd.
Currently, the analyst consensus on ARC Resources is a Strong Buy with an average price target of C$14.50, which is a 53.1% upside from current levels. In a report issued on March 21, Scotiabank also reiterated a Buy rating on the stock with a C$16 price target.
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Based on ARC Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of C$160 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 Monday at C$9.47.
