Apache Corp. (APA) Stock Rating Upgraded by Zacks Investment Research
Apache Corp. (NYSE:APA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $69.00 target price on the energy company’s stock. Zacks Investment Research’s price target points to a potential upside of 11.70% from the company’s previous close.
According to Zacks, “Apache has a large, geographically diversified reserve base and multi-year trend in reserve replacement and production growth. 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 also believe that Apache'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.”
Several other analysts also recently commented on the stock. Wolfe Research upgraded shares of Apache Corp. from an “underperform” rating to a “market perform” rating in a research report on Monday, September 12th. Jefferies Group reiterated a “sell” rating on shares of Apache Corp. in a research report on Thursday, August 11th. Citigroup Inc. downgraded shares of Apache Corp. from a “buy” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $53.00 in a research report on Tuesday, August 9th. They noted that the move was a valuation call. Credit Suisse Group AG reiterated a “hold” rating and issued a $67.00 price target on shares of Apache Corp. in a research report on Monday, September 12th. Finally, Morgan Stanley reiterated a “hold” rating and issued a $63.00 price target on shares of Apache Corp. in a research report on Thursday, September 8th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the company. Apache Corp. has an average rating of “Hold” and an average price target of $58.65.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/17/apache-corp-apa-stock-rating-upgraded-by-zacks-investment-research.html
Apache Corp. (NYSE:APA) traded down 0.08% during mid-day trading on Monday, hitting $61.72. 1,882,507 shares of the stock were exchanged. Apache Corp. has a 52-week low of $32.20 and a 52-week high of $66.00. The firm’s market cap is $23.42 billion. The company has a 50 day moving average price of $59.04 and a 200 day moving average price of $55.01.
Apache Corp. (NYSE:APA) last issued its quarterly earnings data on Thursday, August 4th. The energy company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.17) by $0.09. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Apache Corp. had a negative return on equity of 4.16% and a negative net margin of 261.91%. The firm’s quarterly revenue was down 38.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS. On average, analysts anticipate that Apache Corp. will post ($0.71) EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Friday, October 21st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a $1.00 annualized dividend and a yield of 1.62%. Apache Corp.’s payout ratio is -2.78%.
In related news, insider Rebecca A. Hoyt sold 3,356 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $60.94, for a total value of $204,514.64. Following the transaction, the insider now owns 12,755 shares in the company, valued at $777,289.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Apache Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 2,986,497 shares of the energy company’s stock valued at $145,467,000 after buying an additional 56,483 shares during the last quarter. Fairpointe Capital LLC raised its position in Apache Corp. by 6.2% in the first quarter. Fairpointe Capital LLC now owns 16,200 shares of the energy company’s stock valued at $791,000 after buying an additional 950 shares during the last quarter. AXA raised its position in Apache Corp. by 6.1% in the first quarter. AXA now owns 112,347 shares of the energy company’s stock valued at $5,484,000 after buying an additional 6,506 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Apache Corp. by 1.3% in the first quarter. Pictet Asset Management Ltd. now owns 201,729 shares of the energy company’s stock valued at $7,722,000 after buying an additional 2,500 shares during the last quarter. Finally, Scotia Capital Inc. raised its position in Apache Corp. by 25.5% in the first quarter. Scotia Capital Inc. now owns 9,316 shares of the energy company’s stock valued at $455,000 after buying an additional 1,890 shares during the last quarter. Hedge funds and other institutional investors own 91.18% of the company’s stock.
Apache Corp. Company Profile
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Apache Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apache Corp. and related companies with MarketBeat.com's FREE daily email newsletter.