Apache Corporation (NYSE:APA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Apache's stock price has fallen 27.8% since the start of this year, more than the Zacks U.S. Exploration & Production industry’s decline of 23.8%. While persistent weakness in crude prices due to a global supply glut continue to sent shockwaves through the industry, Apache’s tepid near-term production outlook is also a matter for concern. As it is, investors are disappointed that the much-hyped Alpine High discovery in west Texas will churn out more gas than oil. Increased capital spending unmatched by increased cash flows – leading to a free cash flow deficit – will hold back the stock as well. Lack of growth catalysts remain another major liability. Given these headwinds, we see Apache as a risky bet that ordinary investors should exit.”
Several other equities analysts have also issued reports on the company. Jefferies Group LLC set a $35.00 target price on Apache Corporation and gave the company a “sell” rating in a report on Tuesday, August 29th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $48.00 target price (down from $55.00) on shares of Apache Corporation in a report on Saturday, July 22nd. BidaskClub raised Apache Corporation from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Cowen and Company set a $50.00 target price on Apache Corporation and gave the company a “hold” rating in a report on Tuesday, July 18th. Finally, Wolfe Research lowered Apache Corporation from a “market perform” rating to an “underperform” rating in a report on Monday, July 17th. Nine research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $50.19.
Apache Corporation (NYSE:APA) last released its earnings results on Thursday, August 3rd. The energy company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.41 billion. Apache Corporation had a negative net margin of 0.07% and a negative return on equity of 1.03%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.26) earnings per share. On average, equities research analysts predict that Apache Corporation will post $0.03 EPS for the current year.
In related news, Director John E. Lowe purchased 2,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was purchased at an average cost of $40.32 per share, with a total value of $80,640.00. Following the completion of the acquisition, the director now directly owns 12,000 shares of the company’s stock, valued at $483,840. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director George D. Lawrence purchased 900 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $42.49 per share, with a total value of $38,241.00. Following the completion of the acquisition, the director now directly owns 38,445 shares of the company’s stock, valued at $1,633,528.05. The disclosure for this purchase can be found here. Insiders bought 5,500 shares of company stock valued at $235,094 over the last ninety days. Corporate insiders own 0.48% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Griffin Asset Management Inc. bought a new position in shares of Apache Corporation in the second quarter worth $211,000. Gs Investments Inc. purchased a new stake in shares of Apache Corporation in the second quarter worth $149,000. Sentry Investment Management LLC raised its position in shares of Apache Corporation by 214.4% in the second quarter. Sentry Investment Management LLC now owns 92,158 shares of the energy company’s stock worth $4,417,000 after buying an additional 62,841 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Apache Corporation by 25.8% in the second quarter. Toronto Dominion Bank now owns 128,867 shares of the energy company’s stock worth $6,176,000 after buying an additional 26,409 shares in the last quarter. Finally, National Asset Management Inc. raised its position in shares of Apache Corporation by 47.7% in the second quarter. National Asset Management Inc. now owns 27,562 shares of the energy company’s stock worth $1,322,000 after buying an additional 8,901 shares in the last quarter. 95.00% of the stock is owned by hedge funds and other institutional investors.
Apache Corporation Company Profile
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. The Company’s production segments include: the United States, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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