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UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Apache Corporation

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In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on Apache Corporation (NYSE: APA), but lowered its price target from $103.00 to $90.50.

J.P. Morgan noted, “APA's relatively strong balance sheet, strong cash margins, and diversified asset base mean that the company generally has lower risk relative to the group. The name also has comparatively limited exposure to U.S. natural gas. However, APA faces country risk where it operates internationally, especially Egypt, Argentina, the U.K., and Australia. In fact, we think the stock underperformed last year largely due to the market's concern about turmoil in Egypt.”

Apache Corporation closed on Friday at $77.02.

Latest Ratings for APA

DateFirmActionFromTo
Aug 2016CitigroupDowngradesBuyNeutral
Aug 2016UBSMaintainsNeutral
Aug 2016BarclaysDowngradesOverweightEqual-weight

View More Analyst Ratings for APA
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

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