Scotiabank downgraded APA Corp. (APA) to Sector Perform from Outperform with a price target of $37, down from $43. The firm is updating ratings and price targets across its coverage alongside its newly published commodity price deck, notes the analyst, who points out that APA now ranks 9 out of the 16 major oil companies under coverage, or 9 out of 14 if when excluding Hess (HES) and Pioneer (PXD), which are being acquired. The firm also thinks the pending Callon Petroleum (CPE) acquisition will continue to weigh on the shares’ near term performance.
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