Apache Corp. (NYSE:APA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $70.00 target price on the energy company’s stock. Zacks Investment Research’s target price would indicate a potential upside of 12.09% from the company’s current price.
According to Zacks, “Following Apache's solid Q3 numbers, investor sentiment on the stock has turned bullish of late. The U.S. energy firm reported narrower-than-expected loss thanks to lower cash operating costs. We appreciate the company’s initiatives to align capital spending with its cash flows while continuing to build a high-quality inventory of projects capable of delivering attractive returns even in a low oil price environment. We believe that APA's portfolio restructuring initiatives and cost-cutting measures should allow it to improve its earnings performance in the future. Finally, Apache's recent Alpine High discovery in west Texas is expected to be a game-changer for the company. Estimated to hold massive oil and natural gas reserves, the wells are said to have strong economics and top-tier returns. Consequently, we think APA offers substantial upside potential from the current price levels and view it as an attractive investment.”
A number of other research analysts have also issued reports on APA. Jefferies Group reissued a “sell” rating on shares of Apache Corp. in a research note on Thursday, August 4th. Barclays PLC upped their price target on shares of Apache Corp. from $50.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 13th. Morgan Stanley reaffirmed a “hold” rating and issued a $69.00 price target on shares of Apache Corp. in a research note on Monday, September 26th. Vetr raised shares of Apache Corp. from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Wednesday, August 10th. Finally, Credit Suisse Group AG reaffirmed a “hold” rating and issued a $67.00 price target on shares of Apache Corp. in a research note on Monday, September 12th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company. Apache Corp. has an average rating of “Hold” and an average price target of $58.83.
Apache Corp. (NYSE:APA) opened at 62.45 on Thursday. The stock’s 50 day moving average is $61.36 and its 200-day moving average is $56.37. The stock’s market capitalization is $23.70 billion. Apache Corp. has a 52 week low of $32.20 and a 52 week high of $66.00.
Apache Corp. (NYSE:APA) last posted its earnings results on Thursday, November 3rd. The energy company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.13. The firm earned $1.44 billion during the quarter, compared to analyst estimates of $1.38 billion. Apache Corp. had a negative net margin of 166.56% and a negative return on equity of 4.70%. Apache Corp.’s revenue was down 5.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS. Equities research analysts forecast that Apache Corp. will post ($1.09) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Wednesday, October 19th. Apache Corp.’s dividend payout ratio (DPR) is -4.42%.
In other Apache Corp. news, Director Chansoo Joung purchased 15,000 shares of the stock in a transaction dated Wednesday, November 9th. The shares were purchased at an average cost of $58.02 per share, with a total value of $870,300.00. Following the completion of the acquisition, the director now directly owns 45,285 shares in the company, valued at approximately $2,627,435.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John E. Lowe purchased 2,132 shares of the stock in a transaction dated Monday, November 7th. The shares were acquired at an average cost of $57.65 per share, for a total transaction of $122,909.80. Following the completion of the acquisition, the director now owns 7,500 shares of the company’s stock, valued at $432,375. The disclosure for this purchase can be found here. 0.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in APA. Vanguard Group Inc. increased its position in shares of Apache Corp. by 5.1% in the second quarter. Vanguard Group Inc. now owns 24,605,166 shares of the energy company’s stock worth $1,369,769,000 after buying an additional 1,199,481 shares during the last quarter. Davis Selected Advisers increased its position in shares of Apache Corp. by 2.5% in the second quarter. Davis Selected Advisers now owns 17,611,450 shares of the energy company’s stock worth $980,429,000 after buying an additional 437,255 shares during the last quarter. Capital Research Global Investors increased its position in shares of Apache Corp. by 7.8% in the second quarter. Capital Research Global Investors now owns 15,403,071 shares of the energy company’s stock worth $857,489,000 after buying an additional 1,108,971 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Apache Corp. by 4.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,276,675 shares of the energy company’s stock worth $627,772,000 after buying an additional 446,121 shares during the last quarter. Finally, Baillie Gifford & Co. increased its position in shares of Apache Corp. by 5.8% in the second quarter. Baillie Gifford & Co. now owns 8,502,324 shares of the energy company’s stock worth $473,325,000 after buying an additional 466,847 shares during the last quarter. 91.34% of the stock is currently owned by hedge funds and other institutional investors.
About Apache Corp.
Apache Corporation (Apache) is an independent energy company. Both domestically and internationally, the Company explores for, develops and produces natural gas, crude oil and natural gas liquids. The Company has exploration and production interests in four countries: the United States, Canada, Egypt, and the United Kingdom (North Sea).
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