ARC Resources Ltd T.ARX

Multiple Raised Targets

[retiredcf]

Canaccord Genuity’s Mike Mueller raised his target for ARC Resources Ltd. (ARX-T) to $28 from $24 with a “buy” rating. Other changes include: Raymond James’ Jeremy McCrea to $27 from $26 with an “outperform” rating, Scotia’s Cameron Bean to $32 from $30 with a “sector outperform” rating, Stifel’s Michael Dunn to $24.25 from $23 with a “hold” rating and CIBC’s Jamie Kubik to $28 from $26 with an “outperformer” rating. The average is $25.73.

“ARX delivered solid Q3/23 results, with production and Adjusted Funds Flow (AFF) in line and Free Cash Flow (FCF) ahead of expectations on lower-than-expected capex,” said Mr. Bean. “The company reiterated its full year 2023 guidance and released better-than-expected 2024 guidance, with capex 10 per cent below the previous indication and the balance of metrics essentially in line. The Attachie project remains on track and on budget, with first volumes expected in late 2024 or early 2025. ARX’s preliminary expectations for 2025 line up with expectations and point to a materially undervalued large-cap energy story.”

[Quintessential1]

Nicely raised price targets.   Combined with 52 week high share prices made almost daily now I don't know if this counts as a rerating of the stock but I am sure someone said that it would happen.  It is too bad they are missing it. GLTA ARX BULLS