Zacks Investment Research upgraded shares of Apache (NYSE:APA) from a hold rating to a buy rating in a report issued on Monday. They currently have $48.00 price objective on the energy company’s stock.
According to Zacks, “We like Apache’s large geographically diversified reserve base and high-quality drilling inventory. Further we are optimistic about Apache’s increased focus on the Permian basin- known for its high internal rates of return and low costs. Also, the exit from Canadian operations has freed up substantial capital for further expansion in the Permian basin, especially Apache’s Alpine High play. Estimated to hold massive oil and natural gas reserves, Alpine High discovery is expected to be a game-changer for APA. After aligning its spending plans with the low-price environment over the past few years, APA has now raised its capital budget to exploit growth opportunities. In fact, it recently inked a deal to advance the midstream infrastructural development in the Alpine High region, which will enable it to remain on the growth trajectory. Hence, we view APA as an attractive pick as of now.”
Several other research firms also recently weighed in on APA. Argus raised shares of Apache from a hold rating to a buy rating and boosted their price target for the stock from $46.19 to $56.00 in a research note on Monday, June 11th. ValuEngine raised shares of Apache from a strong sell rating to a sell rating in a research note on Thursday, June 7th. Stifel Nicolaus set a $46.00 price objective on shares of Apache and gave the company a hold rating in a research note on Monday, April 23rd. Royal Bank of Canada set a $48.00 price objective on shares of Apache and gave the company a hold rating in a research note on Friday, April 13th. Finally, Mitsubishi UFJ Financial Group raised shares of Apache from a neutral rating to an overweight rating in a research note on Tuesday, February 27th. Nine analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. Apache has an average rating of Hold and a consensus price target of $42.41.
Apache opened at $45.68 on Monday, Marketbeat reports. The company has a quick ratio of 1.22, a current ratio of 1.39 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $16.37 billion, a price-to-earnings ratio of 190.33, a price-to-earnings-growth ratio of 3.52 and a beta of 1.06. Apache has a twelve month low of $33.60 and a twelve month high of $51.21.
Apache (NYSE:APA) last posted its quarterly earnings results on Wednesday, May 2nd. The energy company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.06. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.65 billion. Apache had a net margin of 19.67% and a return on equity of 2.16%. During the same period in the previous year, the firm posted $0.08 earnings per share. equities analysts anticipate that Apache will post 1.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 22nd. Investors of record on Monday, July 23rd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, July 20th. Apache’s payout ratio is currently 416.67%.
In related news, Director John E. Lowe purchased 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 5th. The stock was bought at an average cost of $38.35 per share, with a total value of $95,875.00. Following the completion of the purchase, the director now directly owns 20,000 shares in the company, valued at $767,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Apache by 0.3% in the first quarter. BlackRock Inc. now owns 25,508,716 shares of the energy company’s stock worth $981,578,000 after buying an additional 70,604 shares in the last quarter. Orbis Allan Gray Ltd grew its holdings in Apache by 2.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 14,217,029 shares of the energy company’s stock worth $600,243,000 after purchasing an additional 382,624 shares during the period. Baillie Gifford & Co. grew its holdings in Apache by 14.2% in the first quarter. Baillie Gifford & Co. now owns 13,897,323 shares of the energy company’s stock worth $534,769,000 after purchasing an additional 1,732,383 shares during the period. Geode Capital Management LLC grew its holdings in Apache by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 4,025,825 shares of the energy company’s stock worth $169,613,000 after purchasing an additional 120,764 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Apache by 1.1% in the fourth quarter. Bank of New York Mellon Corp now owns 3,014,831 shares of the energy company’s stock worth $127,285,000 after purchasing an additional 34,091 shares during the period. 98.20% of the stock is owned by institutional investors.
Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs). The company has operations in onshore assets located Permian and Midcontinent/Gulf Coast onshore regions; and offshore assets situated in the Gulf of Mexico region.
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