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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on APA:
- Ex-Dividend Date Nearing for These 10 Stocks – Week of January 15, 2024
- APA promotes Stephen J. Riney to position of President and Chief Financial Officer
- APA Corp. names Stephen Riney president, CFO
- APA Corp. management to meet virtually with Benchmark
- APA Corp. price target raised to $64 from $61 at Truist
