Jefferies Group Reiterates “Sell” Rating for Apache Corp. (APA)
Apache Corp. (NYSE:APA)‘s stock had its “sell” rating reaffirmed by investment analysts at Jefferies Group in a note issued to investors on Wednesday. They presently have a $48.00 price objective on the energy company’s stock. Jefferies Group’s price objective would indicate a potential downside of 23.60% from the company’s previous close.
A number of other research firms have also recently issued reports on APA. Credit Suisse Group AG reiterated a “hold” rating and issued a $67.00 target price on shares of Apache Corp. in a research note on Monday, September 12th. Citigroup Inc. lowered shares of Apache Corp. from a “buy” rating to a “neutral” rating and lowered their price target for the company from $55.00 to $53.00 in a report on Tuesday, August 9th. They noted that the move was a valuation call. Vetr raised shares of Apache Corp. from a “sell” rating to a “hold” rating and set a $51.00 price target for the company in a report on Monday, August 29th. Credit Agricole SA started coverage on shares of Apache Corp. in a report on Wednesday, June 22nd. They issued an “underperform” rating for the company. Finally, Zacks Investment Research lowered shares of Apache Corp. from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have issued a buy rating to the company. Apache Corp. has an average rating of “Hold” and a consensus target price of $58.69.
Shares of Apache Corp. (NYSE:APA) opened at 62.58 on Wednesday. Apache Corp. has a 12-month low of $32.20 and a 12-month high of $66.00. The stock has a 50 day moving average price of $59.60 and a 200-day moving average price of $55.31. The stock’s market cap is $23.74 billion.
Apache Corp. (NYSE:APA) last posted its earnings results on Thursday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.09. Apache Corp. had a negative net margin of 261.91% and a negative return on equity of 4.16%. The firm earned $1.38 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the firm posted $0.22 EPS. The business’s revenue was down 38.5% on a year-over-year basis. Equities analysts anticipate that Apache Corp. will post ($0.71) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.59%. The ex-dividend date is Wednesday, October 19th. Apache Corp.’s payout ratio is -2.78%.
In other Apache Corp. news, insider Rebecca A. Hoyt sold 3,356 shares of Apache Corp. stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $60.94, for a total transaction of $204,514.64. Following the completion of the transaction, the insider now directly owns 12,755 shares of the company’s stock, valued at $777,289.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Dodge & Cox raised its position in Apache Corp. by 12.5% in the first quarter. Dodge & Cox now owns 29,259,714 shares of the energy company’s stock valued at $1,428,167,000 after buying an additional 3,245,030 shares during the last quarter. 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 last quarter. State Street Corp raised its position in Apache Corp. by 1.7% in the first quarter. State Street Corp now owns 18,912,725 shares of the energy company’s stock valued at $923,131,000 after buying an additional 323,381 shares during the last quarter. Davis Selected Advisers raised its position in Apache Corp. by 2.5% in the second quarter. Davis Selected Advisers now owns 17,611,450 shares of the energy company’s stock valued at $980,429,000 after buying an additional 437,255 shares during the last quarter. Finally, Capital Research Global Investors raised its position in Apache Corp. by 7.8% in the second quarter. Capital Research Global Investors now owns 15,403,071 shares of the energy company’s stock valued at $857,489,000 after buying an additional 1,108,971 shares during the last quarter. 91.18% of the stock is owned by institutional investors.
About Apache Corp.
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).
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.