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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (69363)	3/10/2020 8:06:49 AM
From: Goose94	Read Replies (1) of 202180

ARC Resources (ARX-T) equity analysts at Raymond James made a series of "tactical" downgrades to intermediate oil and gas producers on Monday in response to the sudden plunge in crude oil prices precipitated by Saudi Arabia. Analyst Jeremy McCrea says in a note: "Crude markets -- already grappling with demand concerns relating to COVID-19 -- heard echoes of the infamous November, 2014, OPEC meeting after Friday's OPEC+ meeting failed to reach an agreement around an extension and/or deepened production cuts, leaving major producing countries to effectively produce at will come April 1st. Since Friday, the situation has escalated even further, with Saudi Arabia dropping its 'Official Selling Prices' (OSPs) for April." James analysts cut ARC Resources to "market perform" from "strong buy" with a $9.50 share target. Analysts on average target the shares at $9.69. Oct. 17 that Canaccord analyst Anthony Petrucci said ARC was one of his top picks. It was then worth $5.68. Dec. 3 that Desjardins analyst Scott Van Bolhuis rated ARC "buy," when it could be had for $6.52.

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