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Fly News Breaks for January 7, 2020
HES, APA
Jan 7, 2020 | 11:09 EDT
JPMorgan analyst Arun Jayaram upgraded Apache (APA) to Neutral from Underweight after the company reported what appears to be a "significant" oil discovery offshore Suriname. While he thinks it is premature to estimate resource upside, Jayaram said he expects the market to focus on Hess (HES) as an analog given the proximity of Suriname to Guyana. Using our Hess' net asset value as a guide, Jayaram said he thinks the market could give Apache credit for $2.2B in net value from Suriname, he added. Jayaram raised his price target on Apache shares to $30 from $24.
News For HES;APA From the Last 2 Days
APA
Feb 21, 2020 | 15:45 EST
Bullish option flow detected in Apache with 7,945 calls trading, 1.5x expected, and implied vol increasing almost 4 points to 57.66%. Apr-20 30 calls and Mar-20 35 calls are the most active options, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 0.39. Earnings are expected on February 26th.