UBS on Monday reiterated its buy rating on the shares of ARC Resources (ARX.TO) while raising its price target to C$31.00 from C$29.00 following third-quarter results from the Western Canadian natural-gas producer.
"ARX reported a positive 3Q24 update, beating on CFPS, condensate/total volume, and capex. Operational performance was also strong, driven by Kakwa and the start up of Attachie. Phase 1 is currently producing ~20mboepd and remains on track to reach the 40mboepd capacity by YE24. These two assets combine to drive a higher condensate volume and lower capex outlook for 2025 vs. prior expectations. We reiterate our Buy rating and increase our PT o C$31 from C$29 on 6%/5% higher 2025E/26E CFPS and Attachie being de-risked," the investment bank noted.
(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)
Price: 25.44, Change: +0.58, Percent Change: +2.33
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