UBS on Wednesday reiterated its buy rating on the shares of ARC Resources (ARX.TO) while raising its price target to C$35.00 from C$33.00 ahead of fourth-quarter results ahead of fourth-quarter results from the Western Canadian natural-gas producer.
"Ahead of 4Q24 print, we reiterate Buy rating on ARX and increase PT to C$35/sh from C$33/sh. We expect positive updates on Attachie Phase 1 (average ~80% of full capacity in 1Q25), continued D&C efficiency gains, and Cedar LNG offtake. For 2025, we expect ARX to focus on maximizing FCF across a growing portfolio before Attachie Phase 2 FID. Our positive outlook on ARX is based on visible long-term volume growth, improving Canadian condensate and AECO natural gas, strong balance sheet/ shareholder return profile, and attractive valuation relative to peers," 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: 26.94, Change: +0.04, Percent Change: +0.15
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