- 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
BlockFi’s Credit Card Customers Are Up For Grabs, And Curve Is Determined To Get Them
Curve, a payments firm, is in talks to acquire cryptocurrency lender BlockFi's 87,000 credit card customers, whose credit cards were frozen on Nov. 11.
What Happened: According to a Curve spokesperson, negotiations between the two companies started on Nov. 12 and are still taking place.
