Stifel analyst Michael Dunn upgraded ARC Resources to Buy from Hold with a price target of C$26.25, up from C$24.25. The company’s guidance was better than we expected, says the analyst. ARC’s “depth and quality” of inventory of condensate-rich and dry gas wells, its low emissions processing facilities, the proximity of its gas properties to liquefied natural gas pipeline capacity, and its relatively concentrated asset base “make for a business that must be the envy of many large global oil and gas producers,” the analyst tells investors in a research note.
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