UBS Remains Sidelined on Apache Corp. (APA) Following 2Q Report

August 5, 2016 10:19 AM EDT
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Price: $63.10 +0.51%

Rating Summary:
    15 Buy, 27 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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UBS maintained a Neutral rating on Apache Corp. (NYSE: APA), and cut the price target to $54.00 (from $56.00), following the company's 2Q earnings report and conference call. APA reiterated its 2016 North American Onshore prod'n guidance of 268-278 MBoed and its International & Offshore prod'n guidance of 170-180 MBoed.

Analyst William Featherston commented, "Given APA's change in accounting method along with 2Q16 results, UBSe & consensus estimates for the quarter are generally not comparable. Clean 2Q16 EPS (loss) of ($0.26) plunged from a $0.47 profit in 2Q15 (clean EPS under Full Cost would have been $0.05, much better than the comparable consensus of a ($0.13) loss but more in line with UBSe of $0.08). Consolidated pre-tax prod'n fell 8% YoY to ~535.5 MBoed in 2Q. Price realizations dropped 25% YoY to $4.74/Mcfe, while pre-tax per-unit costs decreased 13% YoY to $5.07/Mcfe (10% below the comparable peer avg for 2Q16)."

For an analyst ratings summary and ratings history on Apache Corp. click here. For more ratings news on Apache Corp. click here.

Shares of Apache Corp. closed at $50.18 yesterday.

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