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ARC Resources Ltd T.ARX

Alternate Symbol(s):  AETUF

ARC Resources Ltd. is a Canada-based energy company. The Company's activities are focused on the exploration, development, and production of unconventional natural gas, condensate, Natural gas liquids (NGLs), and crude oil in western Canada. The Company's assets are located in the Montney region in Alberta and northeast British Columbia. The Company’s operations in Alberta are located near Grande Prairie and the region includes Kawka and Ante Creek. Kawka is a premium condensate-rich and high-deliverability natural gas play with top-tier development opportunities. The Company’s operations in northeast British Columbia feature low-emissions assets and are strategically connected to third-party egress and hydroelectricity. The Company’s operations in northeast British Columbia are located near Dawson Creek and the region includes Greater Dawson, Sunrise, Attachie, and Septimus and Sundown. The Greater Dawson operating area includes Dawson Phases I, II, III and IV and Parkland 3-9.


TSX:ARX - Post by User

Post by Aldan007on Nov 05, 2021 9:20pm
363 Views
Post# 34094946

Scotiabank 23.00 CAD price target

Scotiabank 23.00 CAD price targetLatest Research (November 05, 2021):

OUR TAKE: Positive.

ARX delivered stellar Q3/21 results with a ~12% Adjusted Funds Flow (AFF) beat and a ~27% free cash flow beat versus consensus. The company's 2022 capital budget and production guidance are in line with expectations; however, Attachie spending has been pushed back pending regulatory certainty. While this is not a surprise, the addition of a plant expansion and production ramp at Sunrise should help partially fill the growth gap. We think the Sunrise plan makes sense given top tier economics from the play and the improved natural gas price outlook. We also believe the company's 52% dividend increase (yield moves to 3.3%) and clarity on its shareholder return plans (50% to 80% of free cash flow will be allocated to returns through the base dividend and buybacks) are positives for the stock. Overall, we believe that ARX offers good value, particularly in the context of the North American Senior Producer group with a solid strategy that provides a line of sight to both sustainable production growth and growing shareholder returns. We maintain our Sector Outperform rating and have increased our Target Price to $23/share on our updated estimates.
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