Wells Fargo Reaffirms Their Buy Rating on Ares Capital (ARCC)

Wells Fargo analyst Finian O’Shea maintained a Buy rating on Ares Capital (ARCCResearch Report) on July 29. The company’s shares closed last Friday at $19.97, close to its 52-week high of $20.46.

According to TipRanks.com, O’Shea is a 4-star analyst with an average return of 9.5% and a 61.3% success rate. O’Shea covers the Financial sector, focusing on stocks such as BlackRock Capital Investment, Apollo Investment Corp, and Trinity Capital, Inc.

Ares Capital has an analyst consensus of Strong Buy, with a price target consensus of $21.25, a 6.7% upside from current levels. In a report issued on July 28, Oppenheimer also maintained a Buy rating on the stock with a $21.00 price target.

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Based on Ares Capital’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $557 million and net profit of $478 million. In comparison, last year the company earned revenue of $333 million and had a net profit of $277 million.

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Ares Capital Corp. is a closed-end, non-diversified management investment company. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. The company was founded on April 1, 2004 and is headquartered in New York, NY.