Jefferies Raises Price Target as Apache Corp. (APA) Unveils Rich Gas Position in SW Delaware Basin
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Jefferies maintained an Underperform rating on Apache Corp. (NYSE: APA), and raised the price target to $47.00 (from $42.00), after the company unveiled a large leasehold position along the SW border of Reeves county, TX prospective for wet gas. Jefferies thinks most of the acreage has been quietly assembled over the past 15-18 months.
Analyst Jonathan Wolff commented, "Incremental Positive. APA unveiled a large leasehold position along the SW border of Reeves county, TX prospective for wet gas. The intended development better defines APA's Delaware position. But first gas sales aren't expected until 2H17, and midstream solutions still need clarity. We are raising our RAAV based PT to $47 from $42 for development value, which leaves the shares still looking expensive."
Shares of Apache Corp. closed at $59.40 yesterday.
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