Analyst Roger Read of Wells Fargo maintained a Hold rating on APA (APA – Research Report), retaining the price target of $23.00.
Roger Read has given his Hold rating due to a combination of factors including APA’s expected financial performance and operational challenges. The company is anticipated to deliver financial results that surpass expectations, although production levels are projected to align with forecasts. This is influenced by weather-related disruptions and downtime from third-party operations, which have led to a slight decline in Permian oil production.
Additionally, APA’s strategic flexibility is highlighted by its ability to navigate macroeconomic uncertainties, with management considering potential activity reductions if oil prices fall to certain levels. Despite these challenges, APA’s leadership changes and ongoing efforts in cost reduction and exploration activities, particularly in Suriname, provide a balanced outlook that supports the Hold rating.
In another report released on April 17, TD Cowen also maintained a Hold rating on the stock with a $18.00 price target.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of APA in relation to earlier this year.