Apache (NYSE:APA) Receives a Downgrade
In a very recent research note sent to investors and clients on 15 December, analysts at Argus’s equities division lowered the rating for Apache (NYSE:APA) shares from the previous Buy to a Hold.
From a total of 31 analysts covering Apache Corporation (NYSE:APA) stock, 13 rate it a ”Buy”, 3 a “Sell”, and 17 a ”Hold”. This means that 39% of the ratings are positive. The highest target price is $73 while the lowest target price is $43. The mean of all analyst targets is $55.06 with a 30.49% above today’s ($43.49) stock price. Apache Corporation was the topic of 27 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. JP Morgan initiated shares on December 9 with “Neutral” rating. S&P Research maintained shares with “Buy” rating and $56 target share price in a report from an August 7. Simmons & Co upgraded APA stock in a recent report from September 29 to “Overweight” rating. Finally, Citigroup maintained the stock with “Buy” rating in a report issued on a September 14.
The stock increased 1.33% or $0.57 during the last trading session, striking $43.49. Approximately shares of stock traded hands. Apache Corporation (NYSE:APA) has declined 31.66% since May 12, 2015 and is downtrending. It has underperformed by 27.99% the S&P500.
The overall sentiment of institutions has increased to 0.76 in Q2 2015. Its up 0.04, from 0.72 in 2015Q2. The ratio improved, as 124 institutions have sold all the shares of Apache Corporation that they owned while 281 funds have taken shares off the table. 62 funds have purchased shares for the first time while 246 added to their positions. These institutions now hold 350.13 million shares or 3.34% more than the 338.82 million shares they owned in 2015Q2.
The Fund Edinburgh Partners Ltd currently is holding shares equating to 7.45% of its total portfolio in Apache Corporation representing a total of 1.80 million shares. Another fund,Orbis Holdings Ltd, is holding a total of 13.45 million shares equating to 4.48% of their holdings. Additionally, Orbis Investment Management (U.S.) Llc has a 121,395 share stake in Apache Corporation which represents 4.31% of their total portfolio. The Fund, Elm Ridge Management Llc, based out of New York, has also built up a stake in the stock, which represents a total of 3.85% of their total portfolio. Finally Mitchell Group Inc, a fund which is based in the state of Texas reported a total holdings of 753,319 shares.
Insider activity is a very important aspect to track on any stock. Going back to April 15, 2015, shareholders of Apache Corporation have witnessed 0 insider buys, and a total of 1 insider sale equating to a net activity of approximately $581,467 . House James L sold 12,330 shares worth approximately $581,467. Hoyt Rebecca A sold 3,268 shares worth approximately $191,368. Voytovich Thomas E sold 3,200 shares worth approximately $226,263. Eichler Rodney J sold 5,300 shares worth approximately $378,157. The company insider Gryder Rodney A. sold 1,100 shares worth $77,314.
Apache Corporation is an independent energy company, which explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The company has a market cap of $16.22 billion. As of December 31, 2014, Apache had exploration and production interests in five countries: the United States, Canada, Egypt, Australia and the United Kingdom. It currently has negative earnings. During the year ended December 31, 2014, it participated in drilling 1,478 gross wells, with 1,407 (95%) completed as producers.
According to Zacks Investment Research, “Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. In North America, Apache’s exploration and production interests are focused on the Gulf of Mexico, the Anadarko Basin, the Permian Basin, the Gulf Coast and the Western Sedimentary Basin of Canada. Outside of North America, Apache has exploration and production interests offshore Western Australia and in Egypt, and exploration interests in Poland and offshore The People’s Republic of China.”