KLR Group Raises Price Target on Apache Corp. (APA) to $73 Following Alpine High Discovery
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KLR Group reiterated a Buy rating on Apache Corp. (NYSE: APA), and raised the price target to $73.00 (from $71.00), after adjusting estimates following the company's announcement of its Alpine High discovery. The Alpine High discovery adds another leg to the company's onshore North American growth story with incremental upside potential based on further delineation of the play and the growth impact to onshore North America volumes.
Analyst Gail Nicholson commented, "We are increasing our price target by $2 to $73 per share due to several model refinements following the company's announcement of its Alpine High discovery, including a 10%+ increase to our '17 capex forecast, higher '17 North American onshore production (up ~2% vs. our previous expectation), and a ~2% improvement in capital productivity partly offset by lower North America oil composition (~4% decrease vs. our previous assumption). APA generates an '18 capital yield (cash recycle ratio) of ~125% in line with the industry median."
Shares of Apache Corp. closed at $57.51 yesterday.
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