Raymond James has revised its price target for APA Corp. (APA, Financial), reducing it from $32 to $23, while maintaining an Outperform rating on the stock. This adjustment comes in response to significant shifts in the energy sector landscape that have occurred since late February, particularly impacting oil prices.
Since the last quarter's earnings reports, oil prices have fallen by approximately $10 per barrel. This decline has been attributed to evolving global economic conditions, including trade tensions and decisions made by OPEC+. This volatile environment has prompted many management teams within the Exploration & Production (E&P) sector to adopt a cautious, wait-and-see approach.
Despite the turbulent market dynamics, Raymond James anticipates that APA Corp., along with other companies in its E&P coverage, will deliver largely consistent performance for the first quarter.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 26 analysts, the average target price for APA Corp (APA, Financial) is $24.14 with a high estimate of $36.00 and a low estimate of $14.00. The average target implies an upside of 49.87% from the current price of $16.11. More detailed estimate data can be found on the APA Corp (APA) Forecast page.
Based on the consensus recommendation from 29 brokerage firms, APA Corp's (APA, Financial) average brokerage recommendation is currently 2.9, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for APA Corp (APA, Financial) in one year is $28.35, suggesting a upside of 75.98% from the current price of $16.11. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the APA Corp (APA) Summary page.
