Apache Corp. Price Target Raised to $104.00 at Credit Suisse (APA)
Research analysts at Credit Suisse boosted their target price on shares of Apache Corp. (NYSE:APA) from $100.00 to $104.00 in a report released on Monday, Analyst Ratings.Net reports. The firm currently has an “outperform” rating on the stock. Credit Suisse’s target price indicates a potential upside of 19.54% from the stock’s previous close.
The analysts wrote, “Despite the recent rally in APA shares, we believe there is a bit more left in the tank. We reiterate our Outperform rating and raise our 12-month target price to $104 from $100 per share reflecting the higher valuation for Egypt as implied by the Sinopec transaction. Our target price is at parity with our revised NAV. While we are in the later innings of our ‘self help’ thesis, we believe upside from the company’s key U.S. onshore assets as well as the buyback will drive outperformance from here.”
Shares of Apache Corp. (NYSE:APA) traded up 0.22% on Monday, hitting $87.00. The stock had a trading volume of 2,794,798 shares. Apache Corp. has a 52-week low of $67.91 and a 52-week high of $93.75. The stock’s 50-day moving average is $82.23 and its 200-day moving average is $79.86. The company has a market cap of $33.880 billion and a P/E ratio of 13.54.
Apache Corp. (NYSE:APA) last announced its earnings results on Thursday, August 1st. The company reported $2.01 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $2.01. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the company posted $2.07 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. On average, analysts predict that Apache Corp. will post $8.16 earnings per share for the current fiscal year.
APA has been the subject of a number of other recent research reports. Analysts at UBS AG downgraded shares of Apache Corp. (NYSE:APA) from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, September 11th. They now have a $90.00 price target on the stock. Separately, analysts at ISI Group downgraded shares of Apache Corp. (NYSE:APA) from a “strong-buy” rating to a “buy” rating in a research note to investors on Monday, September 9th. They now have a $93.00 price target on the stock, up previously from $91.00. Finally, analysts at Iberia Capital initiated coverage on shares of Apache Corp. (NYSE:APA) in a research note to investors on Friday, September 6th. They set a “sector perform” rating on the stock.
Sixteen equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Apache Corp. has an average rating of “Hold” and a consensus price target of $98.03.
In other Apache Corp. news, VP Rebecca A. Hoyt sold 2,867 shares of Apache Corp. stock on the open market in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $86.11, for a total transaction of $246,877.37. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Apache Corporation (NYSE:APA) is an independent energy company, which explores for, develops, and produces natural gas, crude oil, and natural gas liquids.
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