Apache Upgraded to “Overweight” by Alembic Global Advisors (APA)
Apache (NYSE:APA) was upgraded by stock analysts at Alembic Global Advisors from a “neutral” rating to an “overweight” rating in a report issued on Wednesday. The firm currently has a $118.00 price target on the stock. Alembic Global Advisors’ target price indicates a potential upside of 18.87% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Apache in a research note on Monday, August 4th. They now have a $110.00 price target on the stock, up previously from $90.00. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Apache in a research note on Wednesday, July 23rd. They now have a $108.00 price target on the stock, up previously from $94.00. Finally, analysts at RBC Capital raised their price target on shares of Apache from $102.00 to $110.00 in a research note on Wednesday, July 23rd. They now have an “outperform” rating on the stock. Thirteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Apache currently has an average rating of “Hold” and an average price target of $109.76.
Apache (NYSE:APA) traded up 0.95% during mid-day trading on Wednesday, hitting $100.2099. 1,265,497 shares of the company’s stock traded hands. Apache has a 1-year low of $75.07 and a 1-year high of $104.57. The stock’s 50-day moving average is $99.91 and its 200-day moving average is $90.05. The company has a market cap of $38.328 billion and a price-to-earnings ratio of 32.35. Apache also saw some unusual options trading activity on Monday. Traders purchased 4,860 put options on the company. This represents an increase of 112% compared to the typical volume of 2,288 put options.
Apache (NYSE:APA) last announced its earnings results on Thursday, July 31st. The company reported $1.67 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.66 by $0.01. The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company posted $2.01 earnings per share. The company’s quarterly revenue was down 18.4% on a year-over-year basis. Analysts expect that Apache will post $6.72 EPS for the current fiscal year.
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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