Anadarko Petroleum Corp. Downgraded to Neutral at Citigroup Inc. (APC)
Anadarko Petroleum Corp. (NYSE:APC) was downgraded by Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. They currently have a $86.00 price target on the stock, down from their previous price target of $108.00. Citigroup Inc.’s target price suggests a potential upside of 2.78% from the stock’s previous close.
The analysts wrote, “United States Bankruptcy Judge, Allan Gropper, in the U.S. Bankruptcy Court Southern District of New York issued a 166-page opinion, not final judgment, in the lawsuit brought by Plaintiffs in the case of Tronox versus Kerr-McGee Corp. wherein Anadarko is the Defendant. While we are not legal experts, our reading of the opinion indicates that the Judge places the damages awardable to the Plaintiffs in a range of $5.15-14.2 billion, not including attorney’s fees and costs. Before making a final determination, the Court has given Anadarko 30 days to file a response after which the Plaintiffs will have 30 days to file a response to the Defendants proof of claims and papers, as well as to settle a proposed judgment.”
Shares of Anadarko Petroleum Corp. (NYSE:APC) traded down 7.86% on Friday, hitting $77.09. 29,786,416 shares of the company’s stock traded hands. Anadarko Petroleum Corp. has a 52 week low of $71.77 and a 52 week high of $98.47. The stock has a 50-day moving average of $90.88 and a 200-day moving average of $90.68. The company has a market cap of $38.797 billion and a P/E ratio of 23.87. Anadarko Petroleum Corp. also saw some unusual options trading activity on Wednesday. Investors bought 13,353 put options on the company. This is an increase of approximately 167% compared to the average daily volume of 5,003 put options.
Anadarko Petroleum Corp. (NYSE:APC) last announced its earnings results on Tuesday, November 5th. The company reported $1.13 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.15 by $0.02. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the prior year, the company posted $0.84 earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. On average, analysts predict that Anadarko Petroleum Corp. will post $4.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, December 23rd. Stockholders of record on Wednesday, December 11th will be paid a dividend of 0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Monday, December 9th.
APC has been the subject of a number of other recent research reports. Analysts at Global Hunter Securities downgraded shares of Anadarko Petroleum Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday. They now have a $106.00 price target on the stock, down previously from $133.00. Separately, analysts at JPMorgan Chase & Co. downgraded shares of Anadarko Petroleum Corp. from a “neutral” rating to an “underweight” rating in a research note to investors on Friday. They now have a $77.00 price target on the stock, down previously from $101.00. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Anadarko Petroleum Corp. in a research note to investors on Monday. They now have a $110.00 price target on the stock, down previously from $115.00. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $104.12.
Anadarko Petroleum Corporation (NYSE:APC) is an independent exploration and production company.
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