Desjardins Sticks to Their Buy Rating for ARC Resources (ARX)
In a new note to investors on February 7, an analyst has provided a rating update for ARC Resources (ARX). Analyst Chris MacCulloch from Desjardins reiterated a Buy rating, with a C$14 price target on February 7.
According to TipRanks.com, MacCulloch is ranked 0 out of 5 stars with an average return of -30.4% and a 0.0% success rate. MacCulloch covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Athabasca Oil Corporation, and Freehold Royalties Ltd.
Currently, the analyst consensus on ARC Resources is a Strong Buy with an average price target of C$14.43, implying a 53.5% upside from current levels. In a report issued on February 8, Raymond James also maintained a Buy rating on the stock with a C$18.25 price target.
ARC Resources’ market cap is currently C$3.32B and has a P/E ratio of 25.8. The company has a Price to Book ratio of 0.90.
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$9.40.