This Decision Sent Apache Corporation's Stock Slumping Nearly Double Digits in October
Apache Corporation (NYSE: APA) sold off 9.7% in October after updating investors on its future. That included the decision to outspend cash flow by as much as $1 billion this year, with another significant gap anticipated next year. That shortfall has investors concerned that Apache is a step behind rivals that intend on living within cash flow in 2018.
Apache told investors in mid-October that it was on pace to outspend cash flow by $1 billion this year, which is a significant departure for a company that believes it should live within cash flow. It also thought it would outspend cash flow by about $500 million in 2018, and that's assuming oil averages $55 a barrel. The company believes that this is the right decision because it needs to spend above what it's bringing in so it can complete the testing and begin development of its Alpine High play. In addition, it needed to invest money in building the infrastructure required to support that recent discovery.
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Source: Fool.com
APA Corporation Stock
Currently there is a rather positive sentiment for APA Corporation with 22 Buy predictions and 7 Sell predictions.
As a result the target price of 46 € shows a very positive potential of 62.49% compared to the current price of 28.31 € for APA Corporation.
