Stock Groups

APA Corp.’s Revised Egypt Terms Worth $8 Per Share, Says BofA -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Sam Boughedda

Investing.com — BofA stated that APA Corporation (NASDAQ) revised Egypt terms were worth $8 per share.

BofA analyst Doug Leggate stated Tuesday to investors that APA Corp.’s new production sharing terms with Egypt are “an incremental value.”

According to the analyst, $8 is higher than $6 as a base case. In a research note the analyst stated that this was due to an oil production profile of more than 12% grossly in 2022.

On Monday, APA Corporation — formerly known as Apache — announced revised termsEgypt for the current production sharing contract. Shares rose 7.3% in the wake of this news.

John Christmann, CEO of the company told investors that the modernized PSC would encourage increased investment and growth. It also places Egypt amongst many other attractive investments in APA’s international portfolio.

Leggate has updated his estimates on APA earnings in order to take into account a 40 percent increase in gross output by 2025. Stock currently holds a Buy rating by the analyst and an $44 price target.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, futures, indexes and Forex. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]