Apache Corporation (APA) Cut to “Underweight” at J P Morgan Chase & Co

J P Morgan Chase & Co cut shares of Apache Corporation (NYSE:APA) from a neutral rating to an underweight rating in a research report sent to investors on Thursday morning, MarketBeat reports. J P Morgan Chase & Co currently has $38.00 price objective on the energy company’s stock, down from their previous price objective of $46.00.

A number of other research firms also recently weighed in on APA. ValuEngine downgraded Apache Corporation from a hold rating to a sell rating in a research report on Friday, June 2nd. Scotiabank set a $50.00 target price on Apache Corporation and gave the stock a hold rating in a research report on Thursday, August 3rd. Zacks Investment Research downgraded Apache Corporation from a hold rating to a sell rating in a research report on Friday, May 19th. Stifel Nicolaus initiated coverage on Apache Corporation in a research report on Tuesday, July 4th. They set a hold rating and a $54.00 target price for the company. Finally, Jefferies Group LLC set a $35.00 target price on Apache Corporation and gave the stock a sell rating in a research report on Tuesday, August 29th. Nine analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $53.16.

Apache Corporation (NYSE APA) opened at 42.52 on Thursday. The company’s market cap is $16.20 billion. Apache Corporation has a 52 week low of $38.14 and a 52 week high of $69.00. The company’s 50-day moving average price is $41.94 and its 200 day moving average price is $47.62.

Apache Corporation (NYSE:APA) last released its earnings results on Thursday, August 3rd. The energy company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.22). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.41 billion. Apache Corporation had a negative return on equity of 1.03% and a negative net margin of 0.07%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) EPS. On average, analysts anticipate that Apache Corporation will post $0.04 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Monday, October 23rd will be paid a $0.25 dividend. The ex-dividend date is Friday, October 20th. This represents a $1.00 dividend on an annualized basis and a yield of 2.35%. Apache Corporation’s payout ratio is -4,997.50%.

In other Apache Corporation news, Director John E. Lowe bought 2,500 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was purchased at an average cost of $44.90 per share, with a total value of $112,250.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $449,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John E. Lowe bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was acquired at an average cost of $40.32 per share, with a total value of $80,640.00. Following the completion of the purchase, the director now owns 12,000 shares of the company’s stock, valued at approximately $483,840. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 5,500 shares of company stock valued at $235,094. Insiders own 0.48% of the company’s stock.

Large investors have recently bought and sold shares of the business. Fulton Bank N.A. boosted its position in shares of Apache Corporation by 0.6% during the second quarter. Fulton Bank N.A. now owns 10,316 shares of the energy company’s stock worth $494,000 after buying an additional 59 shares during the period. Utah Retirement Systems boosted its position in shares of Apache Corporation by 0.6% during the second quarter. Utah Retirement Systems now owns 69,785 shares of the energy company’s stock worth $3,345,000 after buying an additional 400 shares during the period. ARGA Investment Management LP boosted its position in shares of Apache Corporation by 27.8% during the second quarter. ARGA Investment Management LP now owns 88,829 shares of the energy company’s stock worth $4,258,000 after buying an additional 19,300 shares during the period. Mitchell Group Inc. boosted its position in shares of Apache Corporation by 2.1% during the second quarter. Mitchell Group Inc. now owns 593,457 shares of the energy company’s stock worth $28,444,000 after buying an additional 12,438 shares during the period. Finally, Westpac Banking Corp boosted its position in shares of Apache Corporation by 4.6% during the second quarter. Westpac Banking Corp now owns 158,502 shares of the energy company’s stock worth $7,597,000 after buying an additional 6,900 shares during the period. 95.05% of the stock is owned by hedge funds and other institutional investors.

About Apache Corporation

Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. The Company’s production segments include: the United States, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.

Analyst Recommendations for Apache Corporation (NYSE:APA)

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