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APA Corp. initiated with an Overweight at Wells Fargo
The Fly

APA Corp. initiated with an Overweight at Wells Fargo

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.

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