We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apache Corporation | NYSE:APA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.73 | 0 | 01:00:00 |
U.S. energy firm Apache Corp. (APA) declared that its board of directors has approved an additional buyback of 10 million shares, which will increase the share repurchase plan of the company to 40 million.
Apache has been restructuring its portfolio with a focus on more profitable and high-growth, liquid-rich resources. Hence, management believes that repurchase of share will be a good investment at the current level. Moreover, the buyback program will reduce the number of outstanding shares, which will directly increase the earnings per share of the company.
Apache revealed that it spent roughly $2.1 billion to repurchase 24.3 million shares under its previous 30 million share buyback program.
Houston, TX-based Apache is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. On May 8, 2014, the company reported better-than-expected first-quarter 2014 results amid higher natural gas prices. Earnings per share – excluding one-time items – came in at $1.78, well above the Zacks Consensus Estimate of $1.61.
However, Apache’s long-term production and reserve growth primarily depends on its acquire-and-exploit model. Apache might find it difficult to complete accretive transactions in the future, which could negatively impact its growth rate.
As a result, Apache currently carries a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile one can consider better ranked players in the same industry like Athlon Energy Inc. (ATHL), Callon Petroleum Company (CPE) and Encana Corporation (ECA). All the stocks sport a Zacks Rank #1 (Strong Buy).
1 Year Apache Chart |
1 Month Apache Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions