UPDATE: Mizuho Securities Upgrades Apache Corp. (APA) to Buy

March 31, 2022 6:48 AM EDT
Get Alerts APA Hot Sheet
Price: $46.85 +0.56%

Rating Summary:
    24 Buy, 21 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 17 | New: 31
Join SI Premium – FREE
(Updated - March 31, 2022 6:49 AM EDT)

Mizuho Securities analyst Paul Sankey upgraded Apache Corp. (NASDAQ: APA) from Neutral to Buy with a price target of $56.00.

The analyst comments "Upgrading APA to Buy - We increase price targets for our oil E&Ps by 35% on average with our price targets now implying 41% upside. Our price targets remain based on a 10% target on unlevered free cash flow yield weighted evenly with growth-constrained NAV. We add APA to our list of Buy-rated E&Ps, re-emphasizing our bullish view on the E&Ps and energy broadly relative to the broader market. APA is in a unique spot in our coverage, with a clear plan for 10%+ cash return 2022-24 at current oil prices (60% of FCF back to shareholders) along with near-term growth (Egypt) and longer-term development (Suriname) catalysts outside the US."

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 $41.20 yesterday.

You May Also Be Interested In

Related Categories

Analyst Comments, Hot Comments, Hot Upgrades, Upgrades

Related Entities

Raising Prices