Core Viewpoint - Oil and gas exploration stocks are experiencing a challenging 2024 but may be poised for a rally as energy stocks lead the S&P 500 amid a rotation from technology stocks [1] Group 1: Stock Performance - APA Corp. (NASDAQ:APA) is up 4.2% to $29.27, recovering from a two-year low of $27.17, but is down 18.3% in 2024 and 10% year-over-year [1] - Devon Energy Corp (NYSE:DVN) stock has increased by 4.4% to $47.84, reaching its year-over-year breakeven level, with a trading range of $40 to $55 in 2024 [1] - Occidental Petroleum Corp (NYSE:OXY) is trading 4% higher at $63.33, on track for its fifth gain in six sessions, and has a 13% year-over-year increase [1] Group 2: Technical Indicators - All three companies, APA, DVN, and OXY, are in an oversold condition, with a 14-day Relative Strength Index (RSI) of 35 or lower, suggesting a potential for a short-term bounce [1]

Company Overview - APA closed at $27.94, reflecting a +0.43% change from the previous day, underperforming the S&P 500's gain of 0.77% [1] - Over the past month, APA shares have decreased by 9.91%, while the Oils-Energy sector declined by 7.24% and the S&P 500 increased by 3.71% [1] Earnings Expectations - Analysts anticipate APA to report earnings of $1.26 per share, representing a year-over-year growth of 48.24% [1] - The revenue forecast for the upcoming earnings report is $2.33 billion, indicating a 19.07% increase compared to the same quarter last year [1] Full Year Projections - For the full year, earnings are projected at $4.58 per share and revenue at $9.14 billion, reflecting changes of +1.1% and +11.9% respectively from the previous year [2] Analyst Forecast Revisions - Recent revisions to analyst forecasts for APA are crucial as they often indicate shifts in short-term business dynamics, with positive revisions suggesting a favorable business outlook [2] Zacks Rank and Valuation - APA currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate having decreased by 1.29% over the last 30 days [3] - The Forward P/E ratio for APA is 6.08, which is lower than the industry average of 9.72, indicating a valuation discount [3] Industry Context - APA operates within the Oil and Gas - Exploration and Production - United States industry, which is ranked 77 in the Zacks Industry Rank, placing it in the top 31% of over 250 industries [3] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1, highlighting the competitive positioning of APA's industry [3]

HOUSTON, May 22, 2024 (GLOBE NEWSWIRE) -- The board of directors of APA Corporation (Nasdaq: APA) has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable Aug. 22, 2024, to stockholders of record on July 22, 2024, at a rate of 25 cents per share on the corporation’s common stock. About APAAPA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for o ...

The Federal Reserve officials' cautious stance on inflation has not only delayed potential interest rate cuts but also affected market confidence and cast a pall on the Zacks Oil and Gas - Exploration and Production - United States industry. OPEC's substantial spare capacity and Russia's increasing oil exports to China, which rose 30% year on year in April, have added to supply concerns. The lowered oil demand projections for 2024 have further weighed on the space. Although macro challenges create uncertain ...

beyhanyazar/iStock via Getty Images I have previously reviewed APA Corporation (NASDAQ:APA) and, a while ago, Callon Petroleum. Benefits from APA's acquisition of Callon, the upturn in the natural gas market, as well as long-term prospectivity/ optionality in Suriname and elsewhere, along with APA’s current bargain price lead me to upgrade APA Corporation from Hold to Buy. APA (previously known and still sometime referred to as Apache) produces gas and oil from the U.S., Egypt, and—at a maintenance leve ...

Core Insights - APA Corporation has announced the sale of non-core-producing properties, generating proceeds exceeding $700 million before customary closing adjustments [1][6] - The sales involve properties with an estimated net production of 13,000 barrels of oil equivalent per day in Q1 2024, with over one-third being oil [1][6] - The primary objective of these transactions is to reduce near-term borrowings and enhance financial flexibility [1][6] Midland Basin Minerals - One significant transaction includes the sale of nearly 24,000 net royalty acres in the Midland Basin, producing approximately 2 Mboe/d net to Apache in Q1 2024 [2][3] - The effective date for this sale was April 1, 2024, with Barclays serving as the financial advisor [2] East Texas Austin Chalk / Eagle Ford - Another major deal involves the sale of 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays, with net production around 11 Mboe/d in Q1 2024 [4][5] - The effective date for this transaction was January 1, 2024, and TD Securities acted as the financial advisor [4] Financial and Strategic Impact - The proceeds from these transactions will primarily be used to reduce near-term borrowings, strengthening APA's balance sheet and enabling focused capital allocation [6] - The divestiture of non-core assets aligns with APA's strategy to streamline its portfolio and reallocate resources toward high-value core assets [6][8] Industry Implications - APA Corporation's divestitures reflect a broader industry trend of optimizing portfolios by shedding non-core assets, improving financial health and positioning in the volatile energy market [7] - The reallocation of proceeds toward debt reduction and high-yield investments indicates a shift in industry focus from production volume to value creation [7] Operational Efficiency - By divesting non-core assets, APA Corporation can concentrate on core operations, enhancing overall operational efficiency and productivity [8] Conclusion - The sale of non-core-producing properties is a strategic move for APA Corporation, aimed at optimizing its portfolio and enhancing financial flexibility, with significant implications for its near-term debt profile and long-term positioning in the energy market [9]

Core Insights - APA Corporation announced the sale of non-core producing properties for over $700 million, with expected closing in early Q3 2024 [1] - The sold properties have an estimated net production of 13,000 barrels of oil equivalent per day (Mboe/d) in Q1 2024, with over one-third being oil [1] - Proceeds from the sales will primarily be used to reduce near-term borrowings [1] Midland Basin Minerals - Apache Corporation is selling nearly 24,000 net royalty acres in the Midland Basin, producing approximately 2.0 Mboe/d net in Q1 2024 [2] - The effective date for this sale is April 1, 2024, with Barclays serving as the financial advisor [2] East Texas Austin Chalk / Eagle Ford - Apache Corporation is selling 237,000 net acres in the East Texas Austin Chalk and Eagle Ford plays, with an effective date of January 1, 2024 [3] - This segment produced approximately 11 Mboe/d in Q1 2024, with TD Securities acting as the financial advisor for the transaction [3] Company Overview - APA Corporation explores and produces oil and natural gas in the U.S., Egypt, and the U.K., and also explores offshore Suriname [4]

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the ...

U.S. energy operator APA Corporation (APA) reported first-quarter 2024 adjusted earnings of 78 cents per share, missing the Zacks Consensus Estimate of 90 cents and declining from the year-ago adjusted figure of $1.19. The underperformance primarily reflects lower production.Revenues of $1.9 billion were down 6.3% from the year-ago quarter’s sales but came ahead of the Zacks Consensus Estimate by 1.6% due to higher-than-expected commodity price realizations. Meanwhile, APA continues to reward shareholders w ...

Undervalued dividend stocks present two return routes: price appreciation or dividend payments that add to income. As of this writing, the market has some attractive dividend opportunities you buy.Indeed, several undervalued dividend stocks are near lows. Some deserve their underperformance due to their declining fundamentals. Buying them would be akin to catching a falling knife.However, this article will focus on companies with significant upside potential. Yes, they are trading at lows due to short-term ...