Truist analyst Neal Dingmann lowered the firm’s price target on APA Corp. to $63 from $69 but keeps a Buy rating on the shares. The company’s Q4 pre-announcement was relatively negative with slightly worse than expected prices and expenses, the analyst tells investors in a research note, adding that volumes will potentially follow. APA Corp. could encounter an even larger relative international stumble, Dingmann warns, though he still believes that the company’s 2023 should be largely on track, including a "continued sizeable shareholder return program".
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