Ticonderoga Reiterates a 'Buy' on Apache Corp. (APA); APA Beats Q1 Expectations Soundly; Banging the Table
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Price: $40.47 +1.18%
Rating Summary:
19 Buy, 26 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
19 Buy, 26 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga reiterates a 'Buy' on Apache Corp. (NYSE: APA), PT $145.
Ticonderoga analyst says, "Apache soundly whipped our expectations this quarter with q-o-q production up 0.5% vs. the 3% drop we were modeling; apparently, the company made up for all the production problems in Australia and West Texas. With realized oil prices up 31% y-o-y, APA hit EPS of $2.86 vs. our forecast $2.32 and consensus of $2.57. We continue to see APA as one of the strongest names in the group and reiterate our rating.
"Production up 25% from Q1 of last year. On a y-o-y basis this growth is mostly due to the $7 B in new acquisitions made in 2010. APA is still forecasting 2011 production growth of 13-17%; we've been modeling 14% but expect that to go up a little as we run today's numbers."
"The market is watching closely to see if APA is stretching itself with the new assets it picked up last year in Canada, the US and Egypt. On the call (see details below) we are looking for more color on APA’s plans for the BP Permian Basin assets and the deepwater Gulf of Mexico. In the Permian, APA is now running 24 rigs, a ~5x increase from Q1’10...Our estimates and NAV are under review pending today's conference call at 2:00PM ET."
For more ratings news on Apache Corp. click here and for the rating history of Apache Corp. click here.
Shares of Apache Corp. closed at $126.92 yesterday.
Ticonderoga analyst says, "Apache soundly whipped our expectations this quarter with q-o-q production up 0.5% vs. the 3% drop we were modeling; apparently, the company made up for all the production problems in Australia and West Texas. With realized oil prices up 31% y-o-y, APA hit EPS of $2.86 vs. our forecast $2.32 and consensus of $2.57. We continue to see APA as one of the strongest names in the group and reiterate our rating.
"Production up 25% from Q1 of last year. On a y-o-y basis this growth is mostly due to the $7 B in new acquisitions made in 2010. APA is still forecasting 2011 production growth of 13-17%; we've been modeling 14% but expect that to go up a little as we run today's numbers."
"The market is watching closely to see if APA is stretching itself with the new assets it picked up last year in Canada, the US and Egypt. On the call (see details below) we are looking for more color on APA’s plans for the BP Permian Basin assets and the deepwater Gulf of Mexico. In the Permian, APA is now running 24 rigs, a ~5x increase from Q1’10...Our estimates and NAV are under review pending today's conference call at 2:00PM ET."
For more ratings news on Apache Corp. click here and for the rating history of Apache Corp. click here.
Shares of Apache Corp. closed at $126.92 yesterday.
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