ARC Resources Receives a Buy from Scotiabank

By Carrie Williams

Wall Street analyst has provided a review for the Materials company yesterday, but retained the same rating on the stock. Analyst Patrick Bryden from Scotiabank reiterated a Buy rating on ARC Resources (TSX: ARX), with a C$24 price target.

According to TipRanks.com, Bryden is ranked 0 out of 5 stars with an average return of -13.2% and a 28.9% success rate. Bryden covers the Basic Materials sector, focusing on stocks such as Pengrowth Energy Corp, Baytex Energy Corp, and Enerplus Corp.

Currently, the analyst consensus on ARC Resources is Strong Buy and the average price target is C$23.50, representing a 38.2% upside.

In a report issued on June 28, GMP FirstEnergy also reiterated a Buy rating on the stock with a C$23 price target.

Based on ARC Resources’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$283 million and quarterly net profit of C$143 million. In comparison, last year the company earned revenue of C$214 million and had a GAAP net loss of C$58.1 million.

ARC Resources Ltd. engages in the exploration, development and production of crude oil and natural gas. Its properties are located in northeast British Columbia, Northern Alberta, Pembina, South Central Alberta, and southeast Saskatchewan and Manitoba.

The company’s shares closed on Friday at $17, close to its 52-week high of $24.94.