As oil prices remain elevated, companies like Northern Oil and Gas (NOG), APA, and Devon (DVN) are poised to capitalize on increased exploration and production activities.
APA and TTE will undertake a project for oil production: Suriname's offshore energy sector is set for a transformation with the $10.5 billion Block 58 project.
Could rebounds be in store for these beaten-down stocks?
Oil prices took a dive in Q3, with OXY, DVN and APA being some of the weakest performers.
France's TotalEnergies and U.S. APA Corp on Tuesday announced a positive investment decision for Suriname's most promising oil and gas project, Block 58, which is expected to inaugurate the South American country's offshore output.
APA expands its multi-million-dollar deal with Palantir Technologies to integrate advanced AI capabilities, boosting efficiency in oil and gas operations.
While APA's vulnerability to oil price volatility cannot be ignored, the company has strong long-term potential.
The 'Undercovered' Dozen series highlights 12 undercovered stocks to provide another source for investment ideas and to encourage community discussion. Qurate Retail's losses are mainly due to non-cash markdowns, making it a potential buy despite declining revenue and net income losses, according to Bashar Issa. RLJ Lodging Trust offers a 7.5% yield on their preferred stock, and Aristofanis Papadatos sees this as attractive for income-oriented investors as interest rates are expected to decline.
APA (APA) closed the most recent trading day at $25.11, moving -0.55% from the previous trading session.
APA Corporation, primarily in oil and gas exploration, is a buy for less conservative investors due to a recent 20-25% share price drop. Positive news includes selling non-core Permian Basin properties and increasing Q3 production targets, improving financial balance and short to medium-term outlook. Despite risks like fluctuating oil prices, APA offers a solid 4.22% dividend yield and a $950 million asset sale, enhancing its financial stability.
APA Corporation acquired Callon Petroleum in a $4.5 billion deal earlier this year, looking to enhance scale and production. Despite solid earnings and asset divestment, APA's shares have dropped by a third, puzzling given the company's strong financials and manageable debt. Recent asset sales will generate $1.65 billion in proceeds, reducing net debt while shedding 8% of production, making the numbers look reasonable.
In the latest trading session, APA (APA) closed at $23.70, marking a +0.38% move from the previous day.