MUFG analyst Michael McAllister kept his Overweight rating and $47 price target on Apache, saying its 2018 results and commitment to return 50% of its free cash flow to shareholders should be considered "significant positives" to the investment narrative. The analyst adds that the company's 2019 capital outflows of $2.8B are "amply covered" by his cash flow forecast of $3.78B. With 40M share repurchase program "recast by the board", McAllister sees buybacks as the "first home" for Apache's free cash flows and believes that its capital program is "set up appropriately for the current price regime".