- Raymond James analyst John Freeman reiterated a Strong Buy rating on the shares of APA Corp (NASDAQ:APA) and lowered the price target to $70 from $75.
- The move comes after the company provided Q3 supplemental information.
- The analyst said at first glance, 3Q production screened mixed, with U.S. outperformance offset by lackluster international output.
- However, contrary to Q2, the analyst said he has no reason to believe Egyptian volumes will land outside APA’s original Q3 range, a silver lining given the huge 2H22 ramp.
- The analyst has modeled Q3 FY22 production of ~378 MBoe/d, considering both U.S. outperformance and the North Sea’s roughly 8 MBoe/d miss.
- He lowered the price target, given the strip’s pullback. With operational issues no longer handicapping Egypt, APA’s in a position for a breakout in 2023, the analyst noted.
- Price Action: APA shares are trading higher by 3.18% at $40.40 on the last check Wednesday.
- Photo Via Company
Cansortium Announces Shares For Debt Settlement
Cansortium Inc. (OTCQX: CNTMF) (CSE:TIUM.U) , a vertically-integrated cannabis company operating under the Fluent brand, has issued an aggregate of 2 million common shares ("debt shares") to certain of its directors in exchange for the cancellation of $162,500 of director
