Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of ARC Resources (ARX.TO) with a C$32.00 price target after the Western Canadian natural-gas producer reported solid fourth-quarter results but a weak performance for its flagship Attachie project.

"While headline Q4'25 results beat solidly across the board, we see the Attachie commentary as likely to weigh on shares at least in early trading. Within yesterday's update, ARX (i) spoke to early results from the latest Upper Montney pads from late 2025 and early 2026 being inconsistent and below expectations (older well data has been highly topical as well), (ii) withdrew 2026 asset-specific guidance for Attachie, and (iii) removed Attachie phase II references from multi-year capex and production until future development is optimized; Q4'25 production from the asset averaged ~28mboepd vs. prior plans to average 35-40mboepd in H2'25. While we see the prudence in deferring guidance until a more fulsome assessment of operations is complete, we believe the uncertainty will at least tactically keep investors sidelined depending on relative performance over the near-term," analyst Jeoffrey Lambujon 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)

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