Shares of energy development company Apache (APA) gained more than 1% in Monday midday trading after an article in Barron’s offered a sunny outlook for APA stock.
According to Barron’s writer Lawrence C. Strauss, APA shares could surge at least 20%. Strauss notes that APA stock is selling at a discount to many of its energy exploration and production rivals, despite a 16% gain this year. He notes that the company has dealt with issues that were previously of concern to investors and is poised to see its stock price rise.
APA has pared its investments in Egypt by a third, is expanding in North America and is working to resolve Capex issues. APA has also bought back $2 billion in shares over the past year.
The company is may also sell some or all of its Canadian and Australian projects.
On Friday, Apache stock closed at $100.69 per share.
More Stocks to Watch:
