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Equities

S&P 500 Index Slips Weekly as Health Care, Materials Weigh

The Standard & Poor's 500 index slipped 0.8% this week, led to the downside by the health care and materials sectors.The S&P 500 ended the week at 7,656.98. This is the index's first weekly decline since the week ended Aug. 21. It's now down 0.4% for September but up almost 12% this year.Data released Friday showed US consumer prices rose 0.4% month over month in August, the fastest pace since May and matching expectations. Core inflation, which excludes the more volatile food and energy components, jumped to a four-month high of 0.3%, exceeding market projections for an unchanged 0.2% growth.Expectations for a rate increase at the Federal Reserve's next Federal Open Market Committee meeting, which is set for next week, rose after the inflation report. Bets for the US central bank to increase its benchmark lending rate by 25 basis points next week jumped to 87% Friday from 72% Thursday, according to the CME FedWatch tool.US consumer sentiment weakened in September, while inflation expectations rose, with the year-ahead price growth outlook reaching the highest reading since June, preliminary results of a University of Michigan survey showed Friday.By sector, health care had the largest percentage drop of the week, falling 3.6%, followed by a 2.7% decline in materials. Industrials and utilities shed 1.7% each, financials fell 1.5%, consumer discretionary declined 1.2% and real estate slipped 1.1%. Consumer staples and technology also edged lower.Cooper (COO) led the decliners in health care and also had the largest percentage drop in the overall S&P 500 for the week, tumbling 23% amid weaker-than-expected fiscal Q3 sales. The company also lowered its full-year outlook.Corteva (CTVA) was among the decliners in the materials sector, slipping 4.5%. Chemours (CC), DuPont de Nemours (DD) and Corteva said they have agreed to a $455 million settlement with North Carolina and 11 local entities to resolve PFAS-related claims. Shares of Chemours and DuPont also declined on the week.Just two sectors rose as energy climbed 2% and communication services gained 1.1%.The energy sector's advance came as crude oil futures rose on the week. The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported, citing two sources familiar with the plans. Saudi Arabia's Energy Ministry said on Friday its East-West pipeline was shut after multiple attacks, according to media reports.The energy sector's top gainers included Valero Energy (VLO), which rose 5.3%, and APA (APA), which climbed 4.6%.All eyes next week will be on the two-day FOMC meeting set to conclude on Wednesday. Economic data will include August retail sales, pending home sales, industrial production and capacity utilization.

Dow JonesNasdaq CompositeS&P 500$APA$CC$COO$CTVA$DD$VLO
Equities

Stephens Adjusts Price Target on APA to $49 From $44, Maintains Equalweight Rating

APA (APA) has an average rating of hold and mean price target of $45.81, according to analysts polled by FactSet.

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Research

Seaport Global Initiates APA at Neutral

APA (APA) has an average rating of hold and mean price target of $44.48, according to analysts polled by FactSet.

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Equities

Raymond James Adjusts Price Target on APA to $54 From $50, Keeps Outperform Rating

APA (APA) has an average rating of hold and mean price target of $44.48, according to analysts polled by FactSet.

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Research

Correction: Bernstein Retains APA's $37 Price Target, Market Perform Rating

APA (APA) has an average rating of hold and mean price target of $44.28, according to analysts polled by FactSet.

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Equities

Bernstein Adjusts Price Target on APA to $40 From $37, Maintains Market Perform Rating

APA (APA) has an average rating of hold and mean price target of $44.28, according to analysts polled by FactSet.

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Equities

Eni Enters Uruguay Offshore Sector With OFF-5 Block Agreement

Eni (E) entered Uruguay's offshore sector through an agreement with MIWEN, a wholly owned subsidiary of YPF, and ANCAP to join the OFF-5 exploration block, following regulatory approval, the company said Saturday.The company will operate the block with a 50% interest alongside MIWEN, which holds the remaining 50%, with studies underway to assess its hydrocarbon potential.Separately, Eni recently agreed to acquire a 40% interest in the adjacent OFF-6 block, which is operated by APA (APA), it added.Eni shares were up 2% in Monday premarket activity.

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Equities

Jefferies Adjusts Price Target on APA to $38 From $36

APA (APA) has an average rating of hold and mean price target of $44.28, according to analysts polled by FactSet.

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Commodities

Higher Oil Prices Lift US E&Ps, Fuel M&A Discussions, RBC Says

US oil producers are using higher crude prices to strengthen shareholder returns and debt plans as merger interest grows, RBC Capital Markets said in a Friday note.Oil prices reached a three-week high of $87 per barrel after President Donald Trump announced a "crushing economic operation" against Iran, RBC said.Despite higher prices, public US producers have shown little interest in sharply increasing output because structural demand growth remains limited.Instead, stronger oil prices have prompted producers to focus on debt repayment and shareholder returns, while some companies are also considering opportunistic hedging strategies.Trump also signaled potential support for reviving the Keystone XL pipeline, which could transport 830,000 barrels per day of heavy crude from Canada and the Bakken to Nebraska pipeline facilities before reaching Gulf Coast refineries.RBC said uncertainty remains over how Keystone XL would compete with rising Venezuelan crude volumes at US refineries as US producers prepare to sign supply contracts with Venezuela's state-owned oil company.Over the week, oil-weighted exploration and production companies gained 10%, while gas-weighted exploration and production companies rose 2%; large-cap and small- to mid-cap producers each advanced 7%, RBC saidThe SPDR S&P Oil & Gas Exploration & Production ETF rose 5%, while WTI gained 6% and Henry Hub natural gas increased 1% over the week, according to RBC.Merger discussions remained a key investor theme, with Exxon Mobil (XOM), Chevron (CVX), APA (APA), ConocoPhillips (COP), Diamondback Energy (FANG), Devon Energy (DVN) and EOG Resources (EOG) cited as potential buyers or targets.Antero Resources (AR), EQT (EQT), Ovintiv (OVV), Matador Resources (MTDR), Permian Resources (PR) and Infinity Natural Resources (INR) were also among the names investors identified in merger discussions, RBC said.Generalist investor interest in energy increased as WTI approached $90/bbl, while investors also raised questions about budgets and rising oilfield-services costs at higher crude prices, RBC said.Near-term catalysts include Devon Energy's plans to sell assets, Expand Energy's (EXE) new chief executive, and Tamboran Resources' (TBN) first gas sales.Price: $166.00, Change: $-0.15, Percent Change: -0.09%

$APA$AR$COP$CVX$DVN$EOG$EQT$EXE$FANG$MTDR$OVV$TBN$XOM
Commodities

North American E&Ps Boost Exploration, Power Deals as 2027 Plans Take Shape, UBS Says

North American exploration and production companies are stepping up exploration and power investments while reducing debt and preparing for higher shareholder returns, UBS said in a Wednesday note.Liberty Energy (LBRT) expects to sign more than 500 megawatts of power agreements by year-end 2026, with discussions underway with multiple data centers, hyperscalers and industrial users.The company said partnerships with PowerBridge and SLB (SLB) could provide one-stop solutions for potential customers, while project financing could take three to six months after an energy services agreement.Frac pricing continues to improve at Liberty Energy, although oil price volatility leaves the outlook for activity growth uncertain, according to UBS.APA (APA) plans to increase its exploration budget to $250 million to $300 million next year from less than $100 million this year, with a focus on Alaska, Suriname and Uruguay, the note said.Permian efficiency gains continue to emerge at APA, while gas development in Egypt is growing, and shareholder returns are set to increase in the second half of 2026 after the company reduced debt by about $750 million in the first half.Antero Resources (AR) remains on track to reach 4.5 billion cubic feet equivalent per day by year-end 2026 and expects average production of 4.6 Bcfe/d in 2027, UBS said.Antero's margin improvement is underway, with further upside beyond the $300 million outlined through year-end 2028 and confidence in securing additional gas supply agreements, the note added.SM Energy (SM) is nearing a leverage level in the low-1x range that would allow it to ramp up shareholder returns, executives said, as debt reduction and operational gains continue across its four core assets.SM Energy also aims to reduce debt to below about $5 billion and remains confident in its H2 2026 oil outlook. Management sees further savings in lease operating expenses and general and administrative expenses once cost benefits from the Civitas Resources (CIVI) merger are fully realized.Private E&Ps also highlighted growth opportunities across the Anadarko, Bakken, and Powder River Basin, with Anadarko M&A interest remaining strong, and operators citing strong well performance, low decline rates, and excess gas pipeline capacity.The private Bakken producer has expanded into three- and four-mile lateral development, while the private Rockies E&P sees growth potential in the Powder River Basin despite limited development from public E&Ps, UBS said.Price: $19.42, Change: $-0.73, Percent Change: -3.60%

$APA$AR$CIVI$LBRT$SLB$SM
Equities

Citigroup Adjusts Price Target on APA to $44 From $38, Keeps Neutral Rating

APA (APA) has an average rating of hold and mean price target of $44.12, according to analysts polled by FactSet.

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Commodities

Evolution Petroleum to Buy Midland Basin Mineral, Royalty Interests for $16 Million

Evolution Petroleum agreed to acquire Midland Basin mineral and royalty interests for about $16 million, adding 3,420 net royalty acres to its Permian Basin portfolio, the company said Tuesday.The deal covers interests across Reagan, Upton, Glasscock, Midland and Martin counties in Texas, with Evolution expecting to close the transaction around Aug. 21 and using an Aug. 1 effective date.Evolution plans to fund the acquisition with proceeds from a concurrent common stock offering, cash on hand and borrowings under its revolving credit facility.The acquired interests are expected to generate about $3.9 million in cash flow over the next 12 months, implying a purchase multiple of about 4.1x and a cash flow yield of about 24.6%.The company expects the deal to contribute about 20% of pro forma fiscal 2027 asset cash flow, up from less than 10% in fiscal 2026, while requiring no lifting costs, drilling capital or overhead.At about $4,678 per net royalty acre, the purchase price represents a discount to recently disclosed comparable Permian mineral and royalty transactions, Evolution said. The deal would lift its total M&R holdings to about 9,320 net royalty acres.The acquired interests cover 832 producing wells, seven completed wells, 34 drilled but uncompleted wells, 27 permitted wells and about 1,257 additional locations.Current production stands at about 210 barrels of oil equivalent per day, with 65% liquids and 35% natural gas, while operators include ExxonMobil (XOM), Diamondback Energy (FANG), ConocoPhillips (COP), APA (APA), Crescent Energy (CRGY), Double Eagle and SM Energy (SM).Price: $166.74, Change: $+1.18, Percent Change: +0.71%

$APA$COP$CRGY$FANG$SM$XOM
Wire

Capital One Adjusts Price Target on APA to $53 From $49, Keeps Overweight Rating

APA (APA) has an average rating of hold and mean price target of $43.88, according to analysts polled by FactSet.Price: $44.57, Change: $+2.21, Percent Change: +5.20%

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Research

Argus Upgrades APA to Buy From Hold, Price Target is $48

APA (APA) has an average rating of hold and mean price target of $43.72, according to analysts polled by FactSet.

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Wire

Stephens Raises Price Target on APA to $44 From $43, Keeps Equalweight Rating

APA (APA) has an average rating of hold and mean price target of $43.68, according to analysts polled by FactSet.Price: $40.46, Change: $-0.01, Percent Change: -0.02%

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Equities

Barclays Adjusts Price Target on APA to $40 From $41, Keeps Equalweight Rating

APA (APA) has an average rating of hold and mean price target of $44.08, according to analysts polled by FactSet.

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Equities

Wells Fargo Adjusts Price Target on APA to $49 From $39, Keeps Equalweight Rating

APA (APA) has an average rating of hold and mean price target of $44.12, according to analysts polled by FactSet.

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Equities

BMO Capital Adjusts Price Target on APA to $45 From $42, Maintains Market Perform Rating

APA (APA) has an average rating of hold and mean price target of $43.60, according to analysts polled by FactSet.

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Equities

Benchmark Adjusts Price Target on APA to $46 From $40, Maintains Buy Rating

APA (APA) has an average rating of hold and mean price target of $43.60, according to analysts polled by FactSet.

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Commodities

APA's Buybacks, International Exploration Could Draw Investor Focus, TPH Says

APA's (APA) second-half 2026 performance is expected to remain broadly in line with its guidance, while its planned share buybacks could draw investor attention as the company continues to reduce debt and costs, TPH Energy Research analyst Oliver Huang said in a Tuesday note.The company has improved results for several quarters, executing its operating plan, cutting costs and reducing leverage, Huang said. APA is targeting about $500 million in annualized cost savings by the end of 2026.Management has reaffirmed its plan to return at least 60% of adjusted free cash flow to shareholders this year. Based on an estimated $2.3 billion of adjusted free cash flow, APA could have roughly $900 million of buybacks remaining in the second half.The outlook is not without risks. Lower profitability in APA's marketing business is expected to weigh on 2027 results, while publicly available data on wells in the Midland Basin has been uneven, potentially renewing investor scrutiny of the company's US operations.Attention could increasingly shift to APA's international exploration portfolio, the analyst said. Key developments include an Eni partnership, with its first Uruguay well expected to be drilled in late 2027, as well as Alaska projects including the Hungry Horse appraisal at Sockeye and a Chinook exploration well planned for this winter.APA also expects to drill another one or two exploration wells annually as its Suriname project moves toward a targeted first oil date in mid-2028.TPH estimates APA will report third-quarter 2026 production of 443,000 barrels of oil equivalent per day, above the Wall Street estimate of 438,000 barrels. Fourth-quarter production is projected at 446,000 barrels per day.Huang also sees significant potential value from exploration, assigning about $10 per share to the combined Sockeye and Chinook prospects and another $2 per share to future Suriname exploration.THP kept a Hold rating and a $48 price target on APA.

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