Notable Price Action: What’s Propelling Apache Corporation to Reach 52-Week High?

Notable Price Action: What's Propelling Apache Corporation to Reach 52 Week High?

The stock of Apache Corporation (NYSE:APA) hit a new 52-week high and has $70.02 target or 5.00% above today’s $66.69 share price. The 9 months bullish chart indicates low risk for the $27.47 billion company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $70.02 price target is reached, the company will be worth $1.37 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.51M shares traded hands. Apache Corporation (NYSE:APA) has risen 18.98% since April 28, 2016 and is uptrending. It has outperformed by 13.05% the S&P500.

Analysts await Apache Corporation (NYSE:APA) to report earnings on February, 23. They expect $0.14 EPS, up 333.33% or $0.20 from last year’s $-0.06 per share. APA’s profit will be $57.67M for 119.09 P/E if the $0.14 EPS becomes a reality. After $-0.03 actual EPS reported by Apache Corporation for the previous quarter, Wall Street now forecasts -566.67% EPS growth.

Apache Corporation (NYSE:APA) Ratings Coverage

Out of 20 analysts covering Apache Corporation (NYSE:APA), 6 rate it a “Buy”, 1 “Sell”, while 13 “Hold”. This means 30% are positive. Apache Corporation has been the topic of 50 analyst reports since July 21, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained it with “Outperform” rating and $60 target price in Friday, November 6 report. The firm has “Neutral” rating by Credit Suisse given on Wednesday, July 22. The firm has “Neutral” rating given on Friday, September 9 by Citigroup. The stock of Apache Corporation (NYSE:APA) has “Hold” rating given on Tuesday, December 15 by Argus Research. The firm has “Overweight” rating given on Tuesday, September 29 by Simmons & Co. The stock of Apache Corporation (NYSE:APA) earned “Neutral” rating by Credit Suisse on Thursday, November 12. The firm has “Outperform” rating by Wells Fargo given on Friday, April 8. The firm has “Outperform” rating given on Friday, August 7 by RBC Capital Markets. As per Friday, May 6, the company rating was maintained by RBC Capital Markets. The stock of Apache Corporation (NYSE:APA) earned “Sector Perform” rating by RBC Capital Markets on Friday, March 18.

According to Zacks Investment Research, “Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. In North America, Apache’s exploration and production interests are focused on the Gulf of Mexico, the Anadarko Basin, the Permian Basin, the Gulf Coast and the Western Sedimentary Basin of Canada. Outside of North America, Apache has exploration and production interests offshore Western Australia and in Egypt, and exploration interests in Poland and offshore The People’s Republic of China.”

Insitutional Activity: The institutional sentiment increased to 0.95 in Q2 2016. Its up 0.07, from 0.88 in 2016Q1. The ratio is positive, as 41 funds sold all Apache Corporation shares owned while 258 reduced positions. 67 funds bought stakes while 196 increased positions. They now own 328.59 million shares or 6.46% less from 351.30 million shares in 2016Q1.
Wellington Shields Mgmt Limited Liability Company accumulated 3,900 shares or 0.04% of the stock. Gulf National Bank & Trust (Uk), a United Kingdom-based fund reported 113,111 shares. Schroder Inv Management Group reported 551,576 shares or 0.06% of all its holdings. Godshalk Welsh Capital reported 4,135 shares or 0.24% of all its holdings. North Star Investment Corporation has 0% invested in the company for 300 shares. Community Commercial Bank Na has 0.1% invested in the company for 7,473 shares. Voya Mngmt Lc reported 192,068 shares or 0.03% of all its holdings. Vanguard Grp owns 24.61 million shares or 0.09% of their US portfolio. Piedmont Invest Advsr Ltd last reported 86,059 shares in the company. Lee Danner Bass Inc holds 0.5% of its portfolio in Apache Corporation (NYSE:APA) for 74,452 shares. Sei Co reported 339,547 shares or 0.11% of all its holdings. Moreover, Pinnacle Assoc has 0.01% invested in Apache Corporation (NYSE:APA) for 9,700 shares. Goldman Sachs holds 0.02% of its portfolio in Apache Corporation (NYSE:APA) for 1.11M shares. Veritable Lp holds 0.03% or 24,002 shares in its portfolio. Bremer Natl Association, a Minnesota-based fund reported 3,854 shares.

Insider Transactions: Since September 22, 2016, the stock had 2 buys, and 2 sales for $281,666 net activity. Another trade for 15,000 shares valued at $870,279 was made by Joung Chansoo on Wednesday, November 9. 8,000 Apache Corporation (NYSE:APA) shares with value of $507,000 were sold by House James L. $204,521 worth of shares were sold by Hoyt Rebecca A on Thursday, September 22. 2,132 Apache Corporation (NYSE:APA) shares with value of $122,908 were bought by LOWE JOHN E.

APA Company Profile

Apache Corporation (Apache), incorporated on December 6, 1954, is an independent energy company. Both domestically and internationally, the Company explores for, develops and produces crude oil, natural gas and natural gas liquids. The Firm has exploration and production interests in four countries: the United States, Canada, Egypt, and the United Kingdom (North Sea). Apache also pursues exploration interests in other countries.

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