|Bid||21.37 x 1300|
|Ask||21.38 x 3100|
|Day's range||21.30 - 22.32|
|52-week range||18.33 - 38.12|
|Beta (5Y Monthly)||1.91|
|PE ratio (TTM)||N/A|
|Earnings date||25 Feb 2020 - 2 Mar 2020|
|Forward dividend & yield||1.00 (4.54%)|
|1y target est||26.80|
With the 2010s officially drawing to a close, Yahoo Finance took a look at some of the biggest S&P 500 winners and losers of the past decade based on price returns.
(Bloomberg) -- Apache Corp. tumbled after the company’s update on a closely watched exploratory oil well off the coast of Suriname offered little indication as to whether it will be commercially viable.Tests were carried out on the Maka-1 well after it reached a depth of about 6,200 meters (20,300 feet), the Houston-based company said Monday. After those tests are completed, the company will resume drilling in mid-December “to evaluate a third play type” at a new target depth of about 6,900 meters.But going for a third zone could indicate that the first two were unsuccessful, said Leo Mariani, an analyst at KeyBanc Capital Markets. “There’s no color,” he said of the update. “Typically we’d have something like, ‘We found oil’ or ‘We found gas.’ It was just incredibly thin.”Apache shares and bonds slumped on the news. The stock was down 13% to $19.42 at 2:38 p.m. in New York, after earlier hitting $18.93, the lowest since 2001. The company’s 2028 bonds fell as much as 4.1% to 98.95 cents on the dollar, the biggest drop on record. Apache’s Suriname exploration is adjacent to an Exxon Mobil Corp. discovery that’s one of the world’s biggest finds in years, but investors have been anxious about the viability of the project ever since the company’s high-profile geologist unexpectedly resigned in October. That sank Apache shares and bonds, though they later recovered after Chief Executive Officer John Christmann said on a conference call that the company hadn’t “seen anything that would be unexpected” from its exploratory well.Still, some analysts have been skeptical. In October, Morgan Stanley’s Devin McDermott put the odds that Maka-1 will show no commercial oil resource or a low gas discovery at 80%.‘A Bit Unusual’“If there had been commercial hydrocarbons -- oil and gas -- detected with the initial well, we would have gotten that update from the company along with this release and there wouldn’t be any need to drill deeper,” McDermott said by phone Monday. “The change of course and change of plan this far into the well drilling process -- it’s a bit unusual.” The next update on the Maka-1 well may not come until January, Mizuho’s Paul Sankey said in a note to clients. “This is hardly the champagne cork moment that was potentially at play here,” he said, “but then again nor is this firmly a dry hole.”What Bloomberg Intelligence says:Disclosure that drilling, which began in September, will continue to a deeper zone is cause for even greater concern, in our view. Suggesting it was confident about its portfolio even without Suriname implies less confidence in the project.Vincent Piazza, senior analyst, U.S. oil and gasClick here to read the researchUnlike most offshore exploration ventures, Apache holds 100% of the working interest on Block 58 offshore Suriname, where the Maka-1 well is being drilled. Hess Corp., for example, has just a 30% interest in the Stabroek Block offshore Guyana. That leaves Apache and its shareholders more exposed to the long-awaited results.Maka-1 is “among the most anticipated wells in the world,” analysts at Tudor, Pickering, Holt & Co. said in a note Monday. “While we appreciate the desire to test multiple play concepts given promotion of the vast potential of this block, releasing the first update without any color on the results of the first two tests will not be taken well by the market.”(Updates with analyst comment in the seventh paragraph.)To contact the reporters on this story: Rachel Adams-Heard in Houston at firstname.lastname@example.org;Simon Casey in New York at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Carlos Caminada, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- In a week when oil stocks seem stuck in the familiar (if somewhat erratic) steps of a Viennese waltz, Apache Corp. is dancing to a different tune. And falling over.With OPEC+ meeting this week, Saudi-ology, along with Kremlinology, Iraqi-ology and all the other -ologies, dominate. Rumors the group would agree to deeper production cuts proved more soothing to oil markets than a slice of sachertorte on Monday morning. Except for Apache.The exploration and production company issued an update on an exploratory well it has been drilling off the coast of Suriname. Needless to say, it wasn’t a barnstormer. Apache essentially said the well had reached its target depth and the company was evaluating two distinct plays and planned on drilling a bit further to assess a third. No mention of hitting a significant deposit of hydrocarbons. On the other hand, no mention of it being a dry hole either. Ambiguity reigns — and, as monarchs go, ambiguity faces some decidedly restless subjects.This is the kind of thing for which people used to own oil stocks. The binary outcome of a well that could make or break an E&P company was what really got the punters going, not debates about whether OPEC could manage to get Brent toward $65 rather than $60 a barrel.Indeed, this is Apache’s problem. Block 58 in Suriname’s waters sits very close to Exxon Mobil Corp.’s wildly successful Stabroek discoveries offshore Guyana. A little geographic extrapolation has offered support to Apache’s stock in recent months; a stock which otherwise isn’t exactly brimming with reasons to own it. The company lost its head of exploration in October, sparking a big sell-off. Its latest big bet, the Alpine High play in Texas, ran into a one-two punch of consistently moribund natural gas prices and the collapse in natural gas liquids pricing over the past year. Beyond this, its portfolio of onshore U.S., Egyptian and North Sea assets is something of an acquired taste in investor circles. Just as its peer Hess Corp. has been given a new lease on life by its non-operated stake in Exxon’s Guyanese success, so Suriname has offered a potential catalyst for Apache.Clearly, Monday’s announcement doesn’t close the door on success there. With the stock hitting its lowest level in more than 17 years — when Brent was trading at $25 — those willing to bet Apache is simply being overly cautious in a sector that usually errs the other way could find the wildcatter bet ultimately pays off. However, even after this latest sell-off, there may yet be a long way further down. Apache’s characteristic discount to the sector had closed as a result of anticipation over Suriname. And while that’s widened out again to about 10% as of Monday morning, the average for the past decade has been 21%.Assuming all else equal, putting Apache on a 21% discount would mean a stock price of about $17 and, thereby, a dividend yield of about 6%. It would need that, though, given the lack of growth embedded in consensus forecasts. Apache is a relatively small yet diversified E&P stock with a history of bold moves and which is exposed to a binary exploration outcome in world where investors now tend to prize either focus or scale and dependable free cash flow rather than big bets. Dancing to a different tune, prized when the crowd is enthusiastic, can be a liability when the mood music has changed this much.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Today we will run through one way of estimating the intrinsic value of Apache Corporation (NYSE:APA) by taking the...
Apache Corporation (NYSE, Nasdaq: APA) today updated the status of its first exploratory well in Block 58 offshore Suriname. Drilling operations on the Maka Central - 1 well commenced in late September with an expected drill time of 30 to 60 days. Upon reaching a depth of approximately 6,200 meters, the company elected to conduct various testing activities in two distinct Upper Cretaceous play types.
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During the earnings release, Apache (APA) informed that it has started a strategic operational reorganization that is expected to result in savings of at least $150 million.
Apache (APA) delivered earnings and revenue surprises of -7.41% and 3.36%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
HOUSTON, Oct. 30, 2019 -- Altus Midstream Company (NASDAQ: ALTM) today announced third-quarter 2019 financial and operational results on its website at.
Apache Corporation (NYSE, Nasdaq: APA) today announced third-quarter 2019 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom.
Lower commodity prices and demand for energy products are expected to have affected oil and gas stocks' earnings in the third quarter of 2019.
Delays in the Midland/Delaware Basins as well as in natural gas production from the Alpine High play might have prompted Apache (APA) to trim volumes from the play.
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HOUSTON, Oct. 16, 2019 -- Altus Midstream Company (Nasdaq: ALTM) (“Altus”) will host its third-quarter 2019 results conference call Thursday, Oct. 31, 2019, at 1 p.m. Central.
HOUSTON, Oct. 16, 2019 -- Apache Corporation (NYSE, NASDAQ: APA) today provided supplemental information regarding certain third-quarter 2019 financial and operational results..