UBS Remains Sidelined on Apache Corp. (APA) Following 2Q Report
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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)."
Shares of Apache Corp. closed at $50.18 yesterday.
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