Apache Corporation (APA) is Downgraded by Citigroup to Neutral

Apache Corporation (APA) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on Aug 9, 2016.

Many Wall Street Analysts have commented on Apache Corporation. Apache Corporation was Initiated by Credit Agricole to “Underperform” on Jun 22, 2016. Apache Corporation was Upgraded by Scotia Howard Weil to ” Sector Outperform” on May 16, 2016.

On the company’s financial health, Apache Corporation reported $-0.26 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.19. The company had revenue of $1382.00 million for the quarter, compared to analysts expectations of $1348.18 million. The company’s revenue was down -38.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Apache Corporation opened for trading at $50.15 and hit $51.745 on the upside on Monday, eventually ending the session at $50.67, with a gain of 2.07% or 1.03 points. The heightened volatility saw the trading volume jump to 44,76,904 shares. Company has a market cap of $19,225 M.

In a different news, on Aug 31, 2015, Margery M Harris (Exec. Vice President) purchased 1,115 shares at $42.00 per share price. According to the SEC, on Aug 27, 2015, W Kregg Olson (Exec. Vice President) purchased 2,500 shares at $39.50 per share price. On Aug 27, 2015, Stephen J Riney (CFO) purchased 6,000 shares at $39.54 per share price, according to the Form-4 filing with the securities and exchange commission.

Apache Corporation (Apache) is an independent energy company which explores for develops and produces natural gas crude oil and natural gas liquids. As of December 31 2014 Apache had exploration and production interests in five countries: the United States Canada Egypt Australia and the United Kingdom. During the year ended December 31 2014 it participated in drilling 1478 gross wells with 1407 (95%) completed as producers. As of December 31 2013 in addition to its completed wells several wells had not reached completion: 318 gross (214.7 net) in the United States; 27 gross (19.0 net) in Canada; 35 gross (32.5 net) in Egypt and 3 gross (2.2 net) in the North Sea. The Company’s operations in United States and Canada are constituted under its North America business while its International business constitutes its operations in Egypt Australia and the United Kingdom in the North Sea.

Apache Corporation

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