$APA

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was adding 0.7%, and the Dow Jones US Utilities Index decreased 0.1%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 2.5% to $90.42 a barrel, and the global benchmark Brent crude contract added 2.1% to $93.41 a barrel. Henry Hub natural gas futures advanced 1.2% to $3.18 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, OpenAI is in advanced talks to lease a proposed 10-gigawatt data center campus on federal land in Ohio, The Information reported. The AI company is discussing a 20-year lease for the site, which is currently being developed by SoftBank Group unit SB Energy on US Department of Energy property, the report said.In corporate news, Devon Energy (DVN) shares jumped nearly 6% after Evercore ISI upgraded the stock to outperform from in line with a $54 price target. Devon said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.APA (APA) shares gained 4.3% after the company said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.1%, and Equinor climbed 2.7%.Entergy (ETR) shares added 1% after Evercore ISI upgraded the company to outperform from in line and lifted its price target to $121 from $115.

Stephens Raises APA Price Target to $47 From $43

APA (APA) has an average rating of hold and mean price target of $43.78, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $38.09, Change: $+1.48, Percent Change: +4.04%

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index increased 0.3%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 3.5% to $91.28 a barrel, and the global benchmark Brent crude contract added 3% to $94.17 a barrel. Henry Hub natural gas futures advanced 2% to $3.20 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Devon Energy (DVN) shares jumped past 6% after it said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.4%, and Equinor climbed 3.7%.APA (APA) shares rose 4.9% after the company said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

APA Strengthens Alaska Growth Plans With $70 Million Savant Acquisition, TPH Says

APA (APA) acquired Savant Alaska for about $70 million upfront, securing 104,000 gross acres and critical North Slope infrastructure that could accelerate future development, TPH Energy Research said in a Wednesday note.APA's eastern North Slope position will increase to about 487,000 gross acres under the transaction, which also includes contingent payments tied to future development activity and is expected to close by the end of 2026, according to TPH.The acquisition adds about 1,500 barrels of oil per day of production from the Badami and Grey Owl units, providing APA with immediate operating output.APA also gains the Badami facilities, with a nameplate capacity of about 40,000 b/d, and the Nutaaq Pipeline, which can transport about 80,000 b/d to the Trans-Alaska Pipeline System.The package includes accommodation facilities, a grind-and-inject system, a barge landing and other field infrastructure that can support operations during the upcoming winter drilling season, TPH said.Management expects the adjacent infrastructure to improve development flexibility, shorten project timelines and reduce future development costs across its Alaska portfolio, according to the report.APA has assumed operatorship of the existing joint venture with Armstrong and Santos and plans to advance exploration and appraisal activity on its North Slope acreage.The company plans a two-well program during the 2026-2027 winter season, including the Chinook exploration well and the Hungry Horse appraisal well to help define the scale of Sockeye.Price: $38.02, Change: $+1.41, Percent Change: +3.85%

Sector Update: Energy Stocks Edge Higher Pre-Bell Wednesday

Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.6%.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 2.8% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $89.40 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.2% to $92.54 per barrel, and natural gas futures were up 2.8% at $3.23 per 1 million British Thermal Units.Devon Energy (DVN) stock was up more than 1% after the company said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.KNOT Offshore Partners (KNOP) will not pursue the acquisition of the shuttle tankers Frida Knutsen and Sindre Knutsen from sponsor Knutsen NYK Offshore Tankers, the company said. Shares of KNOT Offshore Partners were up more than 1% pre-bell.APA (APA) stock was up more than 1% after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Amid Renewed US-Iran Clashes

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 1%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.6% in Wednesday's premarket activity, amid renewed clashes between Iran and the US.US stock futures were also lower, with S&P 500 Index futures down 1%, Dow Jones Industrial Average futures slipping 0.9%, and Nasdaq futures retreating 1.5% before the start of regular trading.Mortgage applications rose by 10.8% in the week ended June 5 after a 2.5% decline in Memorial Day week despite an increase in average 30-year mortgage rates, according to Mortgage Bankers Association data released Wednesday.US consumer prices rose 0.5% in May, matching economists' expectations but slowing from a 0.6% increase in April, while core CPI increased 0.2%, below forecasts for a 0.3% gain and down from a 0.4% rise in the prior month.The consumer price index report for May is scheduled for an 8:30 am ET release.The weekly EIA domestic petroleum inventories report will be released at 10:30 am ET.In premarket action, bitcoin was down by 1.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.7% lower, Ether ETF (EETH) retreated by 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2.2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 4.5%, while the iShares Semiconductor ETF (SOXX) declined by 3.4%.Taiwan Semiconductor Manufacturing (TSM) shares were down more than 3% in premarket activity even after the company reported higher net revenue for the month of May and the period from January to May.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.7% higher. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated by 1.2%.Sea's (SE) shares were down more than 2% pre-bell. Bloomberg reported, citing unnamed people familiar with the matter, that the company's Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) gained 1.2%. The iShares Biotechnology ETF (IBB) was 0.8% lower.Sanofi (SNY) stock was down more than 2% premarket after the company said that it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide "sufficient efficacy."FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.5% higher.Blackstone (BX) shares were down more than 2% pre-bell after Bloomberg reported the company is divesting Interplex's information and communications technology division to BizLink for roughly $850 million, with the agreement including an additional $50 million earnout based on certain milestones.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.6%, while the Vanguard Industrials Index Fund (VIS) fell 1.6% and the iShares US Industrials ETF (IYJ) was inactive.Core & Main (CNM) stock was down more than 1% before the opening bell, after the company reported unchanged fiscal Q1 net sales.EnergyThe iShares US Energy ETF (IYE) rose 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.7%.APA (APA) stock was up more than 1% before market open after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.1% to $90.02 per barrel on the New York Mercantile Exchange. Natural gas was up 2.9% at $3.23 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.6%, while the United States Natural Gas Fund (UNG) was 2.6% higher.Gold futures for July retreated by 2.8% to $4,166.90 an ounce on the Comex. Silver futures declined by 2.3% to $63.72 an ounce. SPDR Gold Shares (GLD) was down by 2.8%, and the iShares Silver Trust (SLV) decreased by 2.4%.

APA to Acquire Savant Alaska for $70 Million

APA (APA) said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.The acquisition includes the Badami facility with nameplate capacity of about 40,000 barrels of oil per day and the Nutaaq Pipeline with a capacity of approximately 80,000 barrels of oil per day, the company said.APA said its Alaska eastern North Slope position will total roughly 487,000 gross acres after the transaction, which is expected to close by year-end. The company said it will issue an updated guidance after closing.

APA Keeps Focus on Free Cash Flow, Exploration Growth and Debt Reduction, RBC Says

APA (APA) outlined a steady operating outlook and highlighted progress on cost reductions and exploration growth, RBC Capital Markets said in a Tuesday note.The company remains comfortable running 12 rigs in Egypt and five rigs in the Permian, with no near-term pressure to increase production ahead of first oil from Suriname in mid-2028.RBC said APA continues to see strong long-term inventory depth in the Permian, including more than 10 years of economic drilling inventory and about 3,400 economic-plus-technical-upside locations.In Egypt, APA is shifting toward natural gas development, with 40% to 50% of activity now gas-weighted, while gas production is expected to grow about 13% to 14% year over year.Suriname's GranMorgu project remains on track for first oil in mid-2028 and is expected to produce about 220,000 barrels per day, while nearby exploration prospects could further expand resources.The company also plans a two-well Alaska program in winter 2026-2027, including one exploration well and one appraisal well, while seismic work remains the main focus this year.In Uruguay, APA expects to drill an exploration well on Block 6 in 2027 and continues discussions with a potential partner while evaluating two offshore blocks.RBC said APA's gas marketing business has benefited from strong LNG prices and the Waha basis environment, prompting the company to raise its cash flow outlook to about $1.1 billion.APA has maintained its commitment to return at least 60% of cumulative free cash flow to shareholders and has returned about 75% since Q4 of 2021, though debt reduction remains the primary focus in 2026.RBC maintained its Sector Perform rating on APA and kept its $45 price target, which is based on a blend of forward EBITDA multiples and net asset value.Price: $38.61, Change: $+0.80, Percent Change: +2.12%

APA Sees Further Production Upside After Strong First Quarter, TPH Says

APA (APA) could continue beating consensus oil production forecasts through 2026 after a stronger-than-expected start to the year, TPH Energy said in a Friday note.APA shares have gained about 20% since late February, outperforming the SPDR S&P Oil & Gas Exploration & Production ETF's 7% rise, as higher oil prices over the past three months boosted several parts of its portfolio.APA still has room to outperform near-term Street expectations following its strong start to the year, although the company trades at a higher valuation than some peers based on 2027 metrics, TPH Energy said.Following first-quarter results and updated development timing, TPH Energy raised its second-quarter US oil forecast to 124,200 barrels of oil per day from Street expectations of 120,700 b/d and company guidance of 121,000 b/d.For the third quarter, the firm expects production to increase to 127,200 b/d, above the Street's 121,800 b/d estimate, as larger pads come online during the second and third quarters.TPH Energy forecasts full-year 2026 US oil production at 124,400 b/d, exceeding consensus of 122,400 b/d and company guidance of 122,000 b/d, while modeling capital spending of about $2.125 billion versus guidance of $2.1 billion.At current assumptions of about $85 per barrel West Texas Intermediate crude and $3.60 per million cubic feet Henry Hub gas, APA generates roughly 17% free cash flow-to-enterprise value in 2026, the firm said.Using its 2027 commodity price assumptions of about $75 per barrel West Texas Intermediate crude and $3.40 per million cubic feet Henry Hub gas, TPH Energy estimates APA will generate about 9.3% free cash flow-to-enterprise value.TPH Energy attributed the gap between its 2026 and 2027 cash flow outlook to a weaker forward oil curve, reduced support from Brent-linked pricing and a stronger marketing contribution expected in 2026.Higher spending on longer-cycle international and exploration projects in Suriname, Alaska and Uruguay could increase capital expenditures by about $240 million over the year in 2027, while APA may also restart share repurchases in the coming quarters, TPH Energy added.Price: $35.87, Change: $-0.66, Percent Change: -1.81%

Mizuho Securities Adjusts Price Target on APA to $36 From $32, Maintains Underperform Rating

APA (APA) has an average rating of hold and mean price target of $43.78, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Barclays Adjusts Price Target on APA to $41 From $35, Maintains Equalweight Rating

APA (APA) has an average rating of hold and mean price target of $43.78, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Raymond James Adjusts Price Target on APA to $57 From $45, Maintains Outperform Rating

APA (APA) has an average rating of hold and mean price target of $43.56, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Apa Insider Sold Shares Worth $392,392, According to a Recent SEC Filing

Mark D Maddox, Executive Vice President, Administration, on May 20, 2026, sold 9,800 shares in Apa (APA) for $392,392. Following the Form 4 filing with the SEC, Maddox has control over a total of 66,810 common shares of the company, with 66,810 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1841666/000196180526000018/xslF345X05/wk-form4_1779466937.xmlPrice: $38.66, Change: $+0.32, Percent Change: +0.83%

Morgan Stanley Adjusts Price Target on APA to $44 From $43, Maintains Underweight Rating

APA (APA) has an average rating of hold and mean price target of $43.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

APA Keeps Quarterly Dividend at $0.25 a Share, Payable Aug. 21 to Stockholders of Record July 22

Shell Sells Stakes in Uruguay Offshore Blocks to QatarEnergy

Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy, which made the announcement Wednesday.QatarEnergy bought an 18% interest in block OFF-4, with Shell holding 32% and operator APA (APA) accounting for the rest.QatarEnergy has also acquired a 30% stake in block OFF-2, which is operated by Shell with a 70% interest.QatarEnergy purchased a 30% stake in block OFF-7, with operator Shell retaining a 40% share. Chevron (CVX) holds the remaining 30%, QatarEnergy said.

Citigroup Adjusts Price Target on APA to $44 From $40, Maintains Neutral Rating

APA (APA) has an average rating of hold and mean price target of $42.93, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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 $42.93, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Goldman Sachs Adjusts Price Target on APA to $34 From $31, Maintains Sell Rating

APA (APA) has an average rating of hold and mean price target of $42.59, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

APA's Operational Performance Continues to Beat Expectations, RBC Says

APA's (APA) operational performance continues to trend above expectations, delivering better production and lower costs relative to expectations, RBC Capital Markets analysts said in a Friday note.Analysts said APA benefits from the volatile macro environment, which is driving better oil price realizations and gas marketing income.RBC said the company's shareholder returns were limited in Q1, with APA prioritizing the balance sheet, but management remains committed to at least a 60% annual free cash flow return.Analysts said APA's shares are likely to perform in line with its peer group over the next 12 months.RBC has a sector perform rating and a $45 price target on the stock.Price: $39.61, Change: $+0.63, Percent Change: +1.62%