Tudor, Pickering, Holt on Monday maintained its buy rating on the shares of ARC Resources (ARX.TO) with a C$30.00 price target ahead of third-quarter results from the Western Canadian oil and gas producer.
"Heading into Q3, we estimate average Q3 production of 320mboepd vs. Street 323, all owing to dry gas (TPHe 131mboepd liquids vs. Street 130)" analyst Jeoffrey Lambujon wrote. "This is a slight decrease vs. our prior forecast, to reflect previously communicated messaging regarding what we view as prudent gas curtailments at Sunrise in response to commodity prices. On financials, we estimate cash flow of C$598MM (Street C$611MM ex-outliers), which net of TPHe C$489MM in capex (Street C$488MM in-line), generates TPHe C$109MM in FCF pre-returns. We'd anticipate dry gas curtailments continue until pricing improves, though we see volumes increasing materially in Q4 to TPHe 388mboepd vs. Street 386mboepd / guidance 380-385mboepd, with the Attachie start-up imminent."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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