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Fly News Breaks for February 2, 2017
APA
Feb 2, 2017 | 20:09 EDT
Macquarie analyst Paul Grigel downgraded Apache to Underperform and lowered its price target to $51 from $58 following a significantly lower revision in crude natural gas prices. The analyst expects Apache to ramp natural gas production in 2H 2017 and into 2018, at a time when he expects a decline in natural gas prices, creating lower cash flow and pressure on estimates given Apache's unhedged position.
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