Apache Co. (NYSE:APA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, May 10th.
According to Zacks, “Apache’s large geographically diversified reserve base and resource potential has enabled the company to deliver competitive per share growth. During the first quarter, the company reported better earnings than the prior year quarter and has also made notable progress towards its 2017 strategic objectives. Further, the company’s Alpine High discovery is expected to be a game changer and strengthen the financials and reserve base of the company. However, the volatile pricing environment may hurt the performance of the company negatively. Apache has also seen downward estimate revisions which have dampened investor’s confidence. Further, shares of the company have also fallen 21% year to date. Therefore, we take a cautious stance on the prospects of the company.”
A number of other analysts also recently issued reports on the company. Scotiabank reaffirmed a “hold” rating and set a $58.00 price target on shares of Apache in a report on Friday, May 5th. BMO Capital Markets reaffirmed a “hold” rating and set a $53.00 price target on shares of Apache in a report on Friday, May 5th. Royal Bank of Canada reaffirmed a “hold” rating and set a $63.00 price target on shares of Apache in a report on Tuesday, April 25th. Barclays PLC reiterated a “sell” rating and set a $41.00 target price (down previously from $50.00) on shares of Apache in a research report on Thursday, April 20th. Finally, Stifel Nicolaus initiated coverage on Apache in a research report on Friday, April 7th. They set a “hold” rating and a $54.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $60.00.
Apache (NYSE:APA) last announced its quarterly earnings results on Thursday, May 4th. The energy company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.08. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Apache had a negative return on equity of 4.70% and a negative net margin of 166.56%. During the same period last year, the firm earned ($0.40) earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Friday, July 21st will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, July 19th. Apache’s payout ratio is -4.42%.
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In other Apache news, Director Rene R. Joyce bought 10,000 shares of the company’s stock in a transaction on Monday, May 15th. The shares were bought at an average price of $51.38 per share, for a total transaction of $513,800.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $513,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in APA. Private Wealth Advisors Inc. boosted its position in Apache by 0.5% in the third quarter. Private Wealth Advisors Inc. now owns 4,856 shares of the energy company’s stock valued at $310,000 after buying an additional 22 shares during the last quarter. First Manhattan Co. boosted its position in Apache by 0.5% in the first quarter. First Manhattan Co. now owns 11,848 shares of the energy company’s stock valued at $756,000 after buying an additional 55 shares during the last quarter. Albert D Mason Inc. boosted its position in Apache by 0.6% in the first quarter. Albert D Mason Inc. now owns 8,735 shares of the energy company’s stock valued at $449,000 after buying an additional 55 shares during the last quarter. HM Payson & Co. boosted its position in Apache by 0.8% in the third quarter. HM Payson & Co. now owns 7,718 shares of the energy company’s stock valued at $493,000 after buying an additional 59 shares during the last quarter. Finally, Cleararc Capital Inc. boosted its position in Apache by 0.7% in the first quarter. Cleararc Capital Inc. now owns 9,292 shares of the energy company’s stock valued at $478,000 after buying an additional 67 shares during the last quarter. Institutional investors own 93.38% of the company’s stock.
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. It has production in four segments: the United States, Canada, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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