Citigroup Inc. upgraded shares of Apache from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $68.00 to $62.00 in a research note on Friday, July 17th. The shares opened for trading at $53.5 and hit $55.02 on the upside, eventually ending the session at $53.94, with a gain of 13.15% or 6.27 points.
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Several other brokerages have also recently issued reports on APA.
The report on Apache also comes amid speculation that crude prices have been flat and low for long enough to prompt oil companies to put themselves on the auction block for prices that reluctant buyers would pay. The higher and the lower price estimates are $ 79 and $39 respectively.
Apache Corporation (NYSE:APA): 17 analysts have set the short term price target of Apache Corporation (NYSE:APA) at $59.53. 6 analysts have rated the company as a strong buy. Apache presently has a consensus rating of “Hold” and a consensus price target of $60.97. Also, Director William C. Montgomery bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The Insider information was divulged by the Securities and Exchange Commission in a Form 4 filing. The shares were acquired at an average cost of $39.54 per share, with a total value of $237,240.00. The financial services giant is the official financial advisor for the company. The disclosure for this purchase can be found here. The 50-Day Moving Average price is $44.06 and the 200 Day Moving Average price is recorded at $51.41. The firm’s market capitalization is $20.04 billion.
APA reported last quarter earnings on November 05. During the same period previous year, the firm earned $1.38 earnings per share.
Last week, Apache reported a net loss of $5.7 billion for Q3 2015, and a debt of $8.8 billion as of 30 September. The ex-dividend date of this dividend is Tuesday, October 20th.
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“While a few might be surprised regarding BP, keep in mind that (Apache) bought a large amount of assets from BP in the Permian, Canada and Egypt following Macondo”.
