Initiating Coverage of Apache; Shares Fairly Valued
We are initiating coverage of Apache Corp. with a fair value estimate of $27 per share and a no-moat rating. Shares currently trade above our fair value, but given a very high uncertainty rating, we think shares are essentially fairly valued. Apache has exposure to both U.S. shale and international markets in Egypt and the North Sea, with U.S. and international each accounting for roughly half of production.Like many of its peers, Apache’s U.S. focus is in the Permian Basin, the lowest-cost sou...
Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The company had exploration and production operations in United States, Egypt, and offshore United Kingdom in the North Sea. The company also has exploration interests in Suriname. The company markets its United States crude oil production to main oil companies, marketing, and transportation companies, and refiners based on a West Texas Intermediate price or other regional pricing indices. The company has two international regions: The Egypt includes onshore conventional assets in Egypt's Western Desert. The North Sea region includes offshore assets based in United Kingdom.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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