Susquehanna updated his estimates for APA Corp. (APA) following its announcement yesterday to acquire Callon Petroleum (CPE) in a $4.5B all-stock transaction, inclusive of Callon’s net debt. The deal is expected to be immediately accretive to EPS and FCF, with minimal increase to leverage. Susquehanna reiterates its Positive rating and $53 price target on APA Corp. shares.
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