Apache Corp. (APA) Cut to “Hold” at Zacks Investment Research
Apache Corp. (NYSE:APA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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 costcutting 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. However, until the uncertainty and volatility in oil prices subside, we see limited upside from current levels and take a cautious stance on APA shares.”
APA has been the subject of several other research reports. Barclays PLC lifted their price target on Apache Corp. from $50.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 13th. Atlantic Securities upgraded Apache Corp. from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $41.00 to $70.00 in a research note on Monday, September 12th. Deutsche Bank AG lifted their price target on Apache Corp. from $53.00 to $57.00 and gave the company a “hold” rating in a research note on Thursday, September 8th. Morgan Stanley restated a “hold” rating and issued a $69.00 price target on shares of Apache Corp. in a research note on Monday, September 26th. Finally, Jefferies Group restated a “sell” rating and issued a $48.00 price target on shares of Apache Corp. in a research note on Wednesday, October 19th. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. Apache Corp. has a consensus rating of “Hold” and an average price target of $58.83.
Apache Corp. (NYSE:APA) traded down 1.73% during midday trading on Tuesday, hitting $60.29. The stock had a trading volume of 2,655,937 shares. Apache Corp. has a 12-month low of $32.20 and a 12-month high of $66.00. The firm has a 50-day moving average of $61.00 and a 200-day moving average of $56.88. The company’s market cap is $22.88 billion.
Apache Corp. (NYSE:APA) last issued its quarterly earnings data on Thursday, November 3rd. The energy company reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.13. The business earned $1.44 billion during the quarter, compared to analysts’ expectations of $1.38 billion. Apache Corp. had a negative return on equity of 4.70% and a negative net margin of 166.56%. During the same quarter in the previous year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Equities research analysts forecast that Apache Corp. will post ($1.00) EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Friday, October 21st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date was Wednesday, October 19th. Apache Corp.’s dividend payout ratio is currently -4.42%.
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In related news, Director Chansoo Joung acquired 15,000 shares of the business’s stock in a transaction dated Wednesday, November 9th. The shares were acquired at an average price of $58.02 per share, with a total value of $870,300.00. Following the completion of the transaction, the director now owns 45,285 shares of the company’s stock, valued at $2,627,435.70. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James L. House sold 8,000 shares of the company’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $63.38, for a total value of $507,040.00. Following the sale, the insider now directly owns 2,057 shares in the company, valued at approximately $130,372.66. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of APA. Price T Rowe Associates Inc. MD raised its stake in Apache Corp. by 36.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 17,780,475 shares of the energy company’s stock worth $1,135,639,000 after buying an additional 4,765,205 shares in the last quarter. FIL Ltd bought a new stake in Apache Corp. during the second quarter worth $227,262,000. Gilder Gagnon Howe & Co. LLC bought a new stake in Apache Corp. during the third quarter worth $124,773,000. Vanguard Group Inc. raised its position in Apache Corp. by 5.1% in the second quarter. Vanguard Group Inc. now owns 24,605,166 shares of the energy company’s stock valued at $1,369,769,000 after buying an additional 1,199,481 shares during the period. Finally, Villere ST Denis J & Co. LLC acquired a new position in Apache Corp. during the third quarter valued at approximately $73,163,000. 91.83% of the stock is currently owned by institutional investors and hedge funds.
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).
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