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Highlights

  • Raymond James lowered target price from C$35.00 to C$33.00 on ARC Resources.
  • Multiple brokerages, including RBC and Desjardins, raised targets with "outperform" ratings.
  • Average analyst target price stands at C$33.33 with consensus "Buy" rating.

ARC Resources Ltd. (TSE:ARX) saw its price target reduced by Raymond James Financial, which lowered its objective from C$35.00 to C$33.00 in a research note published Monday, according to BayStreet.CA. The firm maintained an "outperform" rating on the oil and gas exploration company, with the revised price indicating a potential 36.08% upside from the previous close.

Several other equity research firms recently issued updated views on the company. National Bankshares increased its price target from C$33.00 to C$35.00 and assigned an "outperform" rating on May 22. On the same day, Desjardins lifted its target from C$34.50 to C$35.50 and issued a "buy" rating. Royal Bank of Canada also raised its target from C$32.00 to C$34.00, while ATB Capital boosted its estimate from C$31.00 to C$33.50, both with "outperform" ratings. BMO Capital Markets later revised its target from C$32.00 to C$33.00, maintaining an "outperform" outlook.

In total, nine analysts currently cover ARC Resources with a "Buy" consensus rating, according to MarketBeat data. The average target price across brokerages now stands at approximately C$33.33.

ARC Resources operates as an independent Canadian energy company, focused on the acquisition, exploration, development, and production of conventional oil and natural gas in Western Canada. Its production portfolio includes light, medium, and heavy crude oil, condensate, natural gas liquids, and natural gas. In 2020, the company’s average production reached 163.6 thousand barrels of oil equivalent per day. As of its latest reserve estimates, ARC Resources reports approximately 879 million barrels of oil equivalent in proven and probable reserves.

The company remains subject to market conditions and commodity price fluctuations, which can influence the valuation outlook applied by analysts.