- 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.
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