Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of ARC Resources (ARX.TO) with a C$32.00 price target ahead of the natural-gas producer's third-quarter results.

"Updating our model heading into earnings season was neutral to our Q3'25 CFPS estimate, which still sits at C$1.26, in-line with Street. We are slightly higher on capex, however, at TPHe C$567MM vs. Street C$517MM, though we see a similar step-down q/q into Q4 (TPHe C$409MM vs. Street C$413MM). Revisions in the model included a slight uptick to our operating costs assumptions and a decrease to production (TPHe now 358mboepd vs. prior 395 and Street 381 in Q3'25), both related to TPHe prudent shut-ins at Sunrise (~380mmcf/d for effectively all of Q3) which were relatively unimpactful to financials (given the volumes represent generally all of ARX's Station 2 exposure), with MTM factors also offsetting to keep our CFPS estimate intact," analyst Jeoffrey Lambujon wrote.

(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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