Zacks Reaffirms Neutral Rating for Apache (APA)
Apache (NYSE:APA)‘s stock had its “neutral” rating reiterated by Zacks in a report released on Thursday. They currently have a $107.00 target price on the stock. Zacks‘s price objective would suggest a potential upside of 5.39% from the company’s current price.
Zacks’ analyst wrote, “We like Apache’s large geographically-diversified reserve base, its balanced exposure to natural gas and crude oil, and its multiyear trends in reserve replacement and production growth. A pristine balance sheet helps the company to capitalize on investment opportunities and strategic acquisitions, thereby further improving growth visibility. However, we see limited upside potential for shares, taking into consideration Apache’s sensitivity to gas/oil price volatility, its drilling results, costs, geo-political risks and project timing delays. As such, we expect Apache to perform in line with the broader market and, therefore, maintain our Neutral recommendation.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Alembic Global Advisors upgraded shares of Apache from a “neutral” rating to an “overweight” rating in a research note on Wednesday, August 20th. They now have a $118.00 price target on the stock. Separately, 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. Finally, 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. Fourteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $109.61.
Apache (NYSE:APA) traded up 0.16% during mid-day trading on Thursday, hitting $101.69. 978,270 shares of the company’s stock traded hands. Apache has a 52 week low of $77.31 and a 52 week high of $104.57. The stock has a 50-day moving average of $100.0 and a 200-day moving average of $90.98. The company has a market cap of $38.894 billion and a price-to-earnings ratio of 33.08.
Apache (NYSE:APA) last released its earnings data 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. On average, analysts predict that Apache will post $6.70 earnings per share 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.
To view Zacks’ full report, visit Zacks’ official website.
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