Raymond James Keeps Their Buy Rating on ARC Resources (ARX)

By Carrie Williams

A Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. Raymond James’ analyst Jeremy Mccrea reiterates their Buy rating on the shares of ARC Resources (ARXResearch Report), with a C$12 price target.

According to TipRanks.com, Mccrea has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.7% and a 24.4% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum Ltd, Tamarack Valley Energy Ltd, and Freehold Royalties Ltd.

Currently, the analyst consensus on ARC Resources is a Strong Buy with an average price target of C$12.55, which is a 91.6% upside from current levels. In a report issued on June 28, GMP FirstEnergy also maintained a Buy rating on the stock with a C$10.50 price target.

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Based on ARC Resources’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$54.6 million. In comparison, last year the company earned revenue of C$343 million and had a GAAP net loss of C$45.9 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$6.55, close to its 52-week low of C$6.08.