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APA

Apache

$19.45

-2.905 (-13.00%)

11:50
12/02/19
12/02
11:50
12/02/19
11:50

Heavy option volume in Apache as shares touch multiyear lows

Heavy option volume in Apache as shares touch multiyear lows. Shares down nearly $3, or 13%, near $19.39 following operational update, with 80K contracts trading in the first two hours and puts leading calls 2:1. 42% of this morning's flow is in the January term, including 12K 20 puts and 10K 17.5 puts, both seeing heavy selling just before 10:30ET with shares near $19.75. Despite this morning's drop, implied volatility is lower, with put/call skew flattening, suggesting a view that downside may be limited at this point with shares 50% below YTD highs.

  • 02

    Dec

APA Apache
$19.45

-2.905 (-13.00%)

11/07/19
ARGS
11/07/19
DOWNGRADE
ARGS
Hold
Apache downgraded to Hold from Buy at Argus
11/07/19
ARGS
11/07/19
DOWNGRADE
ARGS
Hold
Apache downgraded to Hold from Buy at Argus
Argus analyst Bill Selesky downgraded Apache to Hold from Buy. The analyst believes that the company will face substantial pressure from weak crude oil and NGL pricing as it is more leveraged to these commodities than to natural gas. Selesky further cites Apache having lowered its FY19 production outlook to 418-425K boe/d from 425-440K and also forecasted lower capital spending in 2020 at up to 20% below 2019 levels.
12/02/19
GSCO
12/02/19
NO CHANGE
Target $23.5
GSCO
Neutral
Apache exploration update provides limited detail, says Goldman Sachs
Goldman Sachs analyst Brian Singer says Apache's update this morning regarding the status of Maka Central #1, its first exploratory well in Block 58 in offshore Suriname, provided limited detail. The stock in morning trading is down 13% to $19.37. Investors have been looking for evidence of medium or light oil exploration success in Suriname to become positive, Singer tells investors in a research note. However, today's update does not provide any clarity on encountered hydrocarbons, with results from the testing of two Upper Cretaceous zones as well as results from a third deeper zone still pending, adds the analyst. He keeps a Neutral rating on Apache shares with a 12-month price target of $23.50.
12/02/19
FBCO
12/02/19
NO CHANGE
Target $20
FBCO
Neutral
Credit Suisse says no news from Apache on Suriname well likely seen as bad news
Credit Suisse analyst William Featherston said he believes a sizable discovery in Suriname is "more than baked in already" in Apache shares and he sees considerable downside risk if the Maka Central-1 well is later confirmed to be dry. Given his belief that expectations for this well are exceedingly high, he thinks "no news will likely be seen as bad news," as evidenced by today's pre-market selloff in the stock. He expects Apache will give its next update on the well in January given that drilling resumes in mid-December, added Featherston, who keeps a Neutral rating and $20 price target on Apache shares.

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