Stocks rose to kick off the trading day as investors prepared for a busy week of corporate earnings. Results are due from big banks Charles Schwab, Bank of America, Goldman Sachs, and Barclays. Other notable names reporting include Netflix, Tesla, Johnson & Johnson, and United Airlines.
Last week, oil and gas prices plunged 7% to less than $86 a barrel on Friday. The decline marked a sharp turnaround from the previous week when oil soared nearly 17% after the OPEC consortium announced production cuts. But prices could spike again into 2023 due to the energy crisis in Europe this winter, amid reserve concerns. Our featured trade for today is one of the best options available for anyone looking for exposure to the next meteoric rise in gas prices.
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The International Energy Agency (IEA) expects global energy demand to increase by more than 30% by 2035. APA Corp. (APA) is one of the few oil and gas exploration and production companies offering exposure to the meteoric rise in gas prices.
In the second quarter, APA saw $3.05 billion in total revenue representing 71.3% year-over-year growth with strength across oil, natural gas, and natural gas liquids (NGLs). Adjusted earnings grew 205% from the prior-year quarter to $811 million. Adjusted EPS increased 239% from the prior year period to $2.37. Analysts expect Q3 revenue to be $2.63 billion, indicating a 59.2% year-over-year increase. APA’s earnings are expected to increase 145% year-over-year to $2.40.
MKM Partners analyst Leo Mariani recently raised the firm’s price target on APA from $45 to $50, citing international natural gas prices having reached all-time record levels driven by the cut-off of most Russian gas into Europe as well as outages and maintenance on a few major global LNG facilities around the world.
The 29 analysts offering recommendations mostly agree with Mariani. The stock garners a Buy rating and a $54 median price target, representing a 48% increase from the current price. With a low price-to-earnings ratio of 4.5, APA seems like a bargain against peers.
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