by Sam Collins | November 18, 2013 7:18 am
Apache (APA) — This company explores for, develops and produces natural gas, crude oil and natural gas liquids. It is one of the largest independent exploration and production companies in the U.S., and it also holds interests in Canada, Egypt, Australia, the North Sea and Argentina.
It is currently focused on the Permian and Anadarko basins, where it operates 80 rigs and is guiding overall production growth of 3%-5%. In 2013, it sold off its Gulf of Mexico shelf assets and 33% of its stake in Egyptian assets.
S&P expects earnings to come in at $8.48 per share in 2013 and $9.32 in 2014. It has a 12-month price target of $110.
Technically, the stock broke from a six-month cup-and-handle formation last week after consolidating in a bullish channel for much of October. The trading target for APA is $115.
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