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August 30, 2013
10:31 EDTSNP, APAApache advances after selling stake in Egypt business
Shares of energy explorer Apache (APA) are climbing after the company announced that it had sold a 33% stake in its Egyptian business to a Chinese company. WHAT'S NEW: Apache last night announced that it had sold a 33% stake in its Egyptian oil and gas business to China's Sinopec International Petroleum (SNP). Apache noted that it would continue to operate its Egypt upstream oil and gas business. ANALYST REACTION: A number of analysts reacted positively to the news. The transaction is "a game-changer," Deutsche Bank analyst Stephen Richardson wrote in a note to investors. The deal enables Apache to obtain significant value from an asset to which the market had given low value, he believes. As a result of the deal, Egyptian assets constitute only 15% of Apache's production, down from 20% last year, the analyst wrote. He kept a $105 price target and Buy rating on the shares. Similarly, Wells Fargo analyst David Tameron wrote that the deal is positive for Apache's stock, as many on the Street had doubted whether the company could sell its Egyptian assets for a significant amount. Apache received a much higher value for the assets than the Street had expected, and the company can use the funds to reduce its debt or buy back more of its shares, added Tameron. Moreover, the transaction could force those shorting the stock to buy back shares, propelling the shares higher, Tameron believes. He kept an Outperform rating on the stock. PRICE ACTION: In mid-morning trading, Apache climbed $6.30, or 8%, to $85.
News For APA;SNP From The Last 14 Days
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November 18, 2015
12:48 EDTAPAApache volatility elevated as WTI crude oil trades below $40
Apache current 30-day overall call option implied volatility is at 49, compared to a one-month ago of 41; suggesting large price movement as WTI crude oil traded below $40/bbl level.
November 17, 2015
10:11 EDTAPAOptions with decreasing implied volatility
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08:38 EDTAPAApache assets do not warrant a premium, says Canaccord
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08:10 EDTAPAMitsubishi UFJ to hold a conference
Oil & Gas Conference is being held in New York on November 17.
November 16, 2015
08:05 EDTAPAEnLink Midstream acquires full ownership of Deadwood facility from Apache
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07:42 EDTAPAAnadarko named a Top Pick at Cowen
Cowen moved Anadarko (APC) to a Top Pick, citing valuation and the company's ability to execute large, complex mergers. Cowen noted Anadarko approached Apache (APA) and declined when the deal did not happen, but the firm sees material upside for Anadarko shares. Cowen reiterated its Outperform rating and $87 price target on Anadarko.

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