Wells Fargo analyst Roger Read initiated coverage of APA Corp. with an Overweight rating and $52 price target. Apache bears a closer resemblance to a Super Major than a traditional E&P based on its regional and production mixes, the analyst tells investors in a research note. Over one-third of its production is natural gas, while nearly half of Apache’s production is generated internationally, which Wells views as a positive in the current operating environment, where the U.S. natural gas price is likely to lag the global market and more oil exposure could be a net positive.
Published first on TheFly
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