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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash to Debt 0.20
APA's Cash to Debt is ranked higher than
67% of the 859 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.73 vs. APA: 0.20 )
APA' s 10-Year Cash to Debt Range
Min: 0.01   Max: 0.4
Current: 0.2

0.01
0.4
Equity to Asset 0.54
APA's Equity to Asset is ranked higher than
76% of the 872 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.55 vs. APA: 0.54 )
APA' s 10-Year Equity to Asset Range
Min: 0.41   Max: 0.57
Current: 0.54

0.41
0.57
Interest Coverage 21.40
APA's Interest Coverage is ranked higher than
77% of the 567 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 14.37 vs. APA: 21.40 )
APA' s 10-Year Interest Coverage Range
Min: 1.31   Max: 47.61
Current: 21.4

1.31
47.61
F-Score: 5
Z-Score: 1.74
M-Score: -2.98
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 26.26
APA's Operating margin (%) is ranked higher than
89% of the 881 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 6.01 vs. APA: 26.26 )
APA' s 10-Year Operating margin (%) Range
Min: -15.39   Max: 57.04
Current: 26.26

-15.39
57.04
Net-margin (%) 13.90
APA's Net-margin (%) is ranked higher than
86% of the 881 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 2.46 vs. APA: 13.90 )
APA' s 10-Year Net-margin (%) Range
Min: -17.01   Max: 34.59
Current: 13.9

-17.01
34.59
ROE (%) 6.68
APA's ROE (%) is ranked higher than
85% of the 952 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -0.60 vs. APA: 6.68 )
APA' s 10-Year ROE (%) Range
Min: -7.18   Max: 24.89
Current: 6.68

-7.18
24.89
ROA (%) 3.62
APA's ROA (%) is ranked higher than
87% of the 992 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -0.83 vs. APA: 3.62 )
APA' s 10-Year ROA (%) Range
Min: -3.24   Max: 13.61
Current: 3.62

-3.24
13.61
ROC (Joel Greenblatt) (%) 8.04
APA's ROC (Joel Greenblatt) (%) is ranked higher than
88% of the 978 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -0.65 vs. APA: 8.04 )
APA' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -3.14   Max: 25.74
Current: 8.04

-3.14
25.74
Revenue Growth (%) 5.50
APA's Revenue Growth (%) is ranked higher than
74% of the 661 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 11.20 vs. APA: 5.50 )
APA' s 10-Year Revenue Growth (%) Range
Min: -9.4   Max: 38.9
Current: 5.5

-9.4
38.9
EBITDA Growth (%) 4.90
APA's EBITDA Growth (%) is ranked higher than
79% of the 611 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.90 vs. APA: 4.90 )
APA' s 10-Year EBITDA Growth (%) Range
Min: -1.4   Max: 41.4
Current: 4.9

-1.4
41.4
EPS Growth (%) -13.60
APA's EPS Growth (%) is ranked higher than
72% of the 520 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 2.90 vs. APA: -13.60 )
APA' s 10-Year EPS Growth (%) Range
Min: -35.6   Max: 75.4
Current: -13.6

-35.6
75.4
» APA's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

APA Guru Trades in Q2 2013

Bill Nygren 1,350,000 sh (New)
Dodge & Cox 6,810,800 sh (New)
Martin Whitman 750,000 sh (New)
Ray Dalio 50,700 sh (+308.87%)
Third Avenue Management 1,094,112 sh (+161.82%)
Mario Gabelli 14,350 sh (+111.03%)
Charles Brandes 108,422 sh (+63.55%)
Richard Pzena 825,770 sh (+31.1%)
Robert Olstein 71,000 sh (+20.34%)
Wallace Weitz 920,976 sh (+6.51%)
Brian Rogers 5,250,000 sh (+5%)
John Buckingham 50,196 sh (+3.2%)
Manning & Napier Advisors, Inc 1,590,273 sh (+2.43%)
Jean-Marie Eveillard 2,000,742 sh (+2.09%)
Jeff Auxier 7,700 sh (+0.33%)
Ruane Cunniff 301,971 sh (+0.1%)
Chris Davis 2,715 sh (unchged)
Louis Moore Bacon Sold Out
George Soros Sold Out
Steven Cohen Sold Out
NWQ Managers 4,985,605 sh (-4.56%)
Diamond Hill Capital 1,751,355 sh (-8.31%)
T Boone Pickens 114,440 sh (-8.32%)
Bill Frels 3,185 sh (-8.35%)
Meryl Witmer 4,501,262 sh (-10.22%)
Scott Black 17,304 sh (-17.02%)
Pioneer Investments 796,387 sh (-26.31%)
Jeremy Grantham 387,818 sh (-26.87%)
Paul Tudor Jones 2,800 sh (-80.14%)
David Dreman 3,643 sh (-91.16%)
» More
Q3 2013

APA Guru Trades in Q3 2013

Jim Simons 960,954 sh (New)
Steven Cohen 24,182 sh (New)
John Rogers 40,560 sh (New)
Pioneer Investments 1,914,946 sh (+140.45%)
Bill Nygren 2,600,000 sh (+92.59%)
Dodge & Cox 12,445,350 sh (+82.73%)
Jean-Marie Eveillard 3,136,623 sh (+56.77%)
Mario Gabelli 18,650 sh (+29.97%)
Brian Rogers 6,000,000 sh (+14.29%)
Wallace Weitz 1,049,596 sh (+13.97%)
Richard Pzena 920,495 sh (+11.47%)
Jeff Auxier 8,100 sh (+5.19%)
Charles Brandes 113,416 sh (+4.61%)
John Buckingham 51,788 sh (+3.17%)
Manning & Napier Advisors, Inc 1,635,651 sh (+2.85%)
Third Avenue Management 1,111,761 sh (+1.61%)
Martin Whitman 860,000 sh (+14.67%)
Steven Cohen 942,100 sh (unchged)
Robert Olstein 71,000 sh (unchged)
T Boone Pickens Sold Out
Paul Tudor Jones Sold Out
Chris Davis Sold Out
Ruane Cunniff Sold Out
Diamond Hill Capital 1,706,256 sh (-2.58%)
Ray Dalio 48,100 sh (-5.13%)
David Dreman 3,416 sh (-6.23%)
Bill Frels 2,933 sh (-7.91%)
NWQ Managers 4,452,786 sh (-10.69%)
Scott Black 14,964 sh (-13.52%)
Jeremy Grantham 264,460 sh (-31.81%)
» More
Q4 2013

APA Guru Trades in Q4 2013

Paul Tudor Jones 6,230 sh (New)
Jeff Auxier 18,600 sh (+129.63%)
Steven Cohen 48,895 sh (+102.2%)
Manning & Napier Advisors, Inc 2,439,780 sh (+49.16%)
Ray Dalio 69,800 sh (+45.11%)
John Rogers 50,725 sh (+25.06%)
David Dreman 3,703 sh (+8.4%)
Charles Brandes 116,656 sh (+2.86%)
Richard Pzena 946,593 sh (+2.84%)
Wallace Weitz 1,073,656 sh (+2.29%)
Dodge & Cox 12,532,800 sh (+0.7%)
Pioneer Investments 1,924,368 sh (+0.49%)
Steven Cohen 420,000 sh (unchged)
Bill Frels 2,933 sh (unchged)
Bill Nygren 2,600,000 sh (unchged)
Brian Rogers 6,000,000 sh (unchged)
Martin Whitman 860,000 sh (unchged)
Jim Simons Sold Out
Third Avenue Management 1,091,980 sh (-1.78%)
Diamond Hill Capital 1,666,613 sh (-2.32%)
John Buckingham 50,525 sh (-2.44%)
Mario Gabelli 18,160 sh (-2.63%)
Scott Black 14,388 sh (-3.85%)
NWQ Managers 3,743,876 sh (-15.92%)
Jean-Marie Eveillard 2,417,347 sh (-22.93%)
Robert Olstein 53,000 sh (-25.35%)
Jeremy Grantham 193,399 sh (-26.87%)
» More
Q1 2014

APA Guru Trades in Q1 2014

Arnold Van Den Berg 308,809 sh (New)
Manning & Napier Advisors, Inc 2,612,763 sh (+7.09%)
Scott Black 14,718 sh (+2.29%)
Martin Whitman 960,000 sh (+11.63%)
Brian Rogers 6,000,000 sh (unchged)
» More
» Details

Insider Trades

Latest Guru Trades with APA

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Arnold Van Den Berg 2014-03-31 New Buy2.1%$78.02 - $87.9 $ 87.586%308809
Martin Whitman 2014-01-31 Add 11.63%0.39%$81.02 - $94.42 $ 87.580%960000
Jean-Marie Eveillard 2013-12-31 Reduce -22.93%0.18%$85.28 - $94.42 $ 87.58-2%2417347
Ray Dalio 2013-12-31 Add 45.11%0.01%$85.28 - $94.42 $ 87.58-2%69800
Dodge & Cox 2013-09-30 Add 82.73%0.54%$75.37 - $88.93 $ 87.586%12445350
Wallace Weitz 2013-09-30 Add 13.97%0.42%$75.37 - $88.93 $ 87.586%1049596
Jean-Marie Eveillard 2013-09-30 Add 56.77%0.28%$75.37 - $88.93 $ 87.586%3136623
Ruane Cunniff 2013-09-30 Sold Out 0.16%$75.37 - $88.93 $ 87.586%0
Mario Gabelli 2013-09-30 Add 29.97%$75.37 - $88.93 $ 87.586%18650
Martin Whitman 2013-07-31 Add 14.67%0.38%$73.8 - $87.12 $ 87.586%860000
Dodge & Cox 2013-06-30 New Buy0.68%$68.84 - $87.12 $ 87.5810%6810800
Wallace Weitz 2013-06-30 Add 6.51%0.19%$68.84 - $87.12 $ 87.5810%920976
George Soros 2013-06-30 Sold Out 0.1%$68.84 - $87.12 $ 87.5810%0
David Dreman 2013-06-30 Reduce -91.16%0.08%$68.84 - $87.12 $ 87.5810%3643
Charles Brandes 2013-06-30 Add 63.55%0.04%$68.84 - $87.12 $ 87.5810%108422
Ray Dalio 2013-06-30 Add 308.87%0.03%$68.84 - $87.12 $ 87.5810%50700
Mario Gabelli 2013-06-30 Add 111.03%$68.84 - $87.12 $ 87.5810%14350
Martin Whitman 2013-04-30 New Buy2.4%$68.84 - $85.38 $ 87.5815%750000
Wallace Weitz 2013-03-31 Add 61.27%1.03%$72.73 - $85.38 $ 87.5811%864718
George Soros 2013-03-31 New Buy0.1%$72.73 - $85.38 $ 87.5811%108741
Charles Brandes 2013-03-31 New Buy0.06%$72.73 - $85.38 $ 87.5811%66291
Ray Dalio 2013-03-31 New Buy0.01%$72.73 - $85.38 $ 87.5811%12400
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Preferred stocks of Apache Corporation

SymbolPriceYieldDescription
APAPRD0.016.54Apache --- Deposit Shs Repr 1/20th 6 % Mand Conv Pfd Shs Series -D-

Guru Investment Theses on Apache Corporation

Third Avenue Management Comments on Apache - Sep 12, 2013

Fund Management also increased its position in Apache Common (APA), which was discussed in last quarter's letter, increasing the Fund's exposure to the oil and gas exploration and production ("E&P") sector to about 10%. The main attraction of our E&P investments (including Apache, Devon Energy, Encana and Total) is common stock pricing at a significant discount to our estimate of NAV with NAV consisting primarily of proved reserves of oil and natural gas. Each company in whose common stock the Fund is invested has a strong management team and a track record for generating attractive long-term NAV growth. Recently NAV growth has been weaker for our companies, and the overall industry, owing primarily to low natural gas and natural gas liquids pricing and slower than expected production growth from new oil plays. The poor overall sector stock performance and resultant divergence between the intrinsic value and market value of the common stocks has attracted the attention of activists who have targeted several companies including Hess Corp., Murphy Oil Corp., Chesapeake Energy Corp. and Occidental Petroleum Corp.The Value Fund sees the same disparity between the intrinsic value of corporate assets and public market prices. Although our companies have not been publicly targeted, the boards and management teams have taken actions to try to improve shareholder value such as selling assets and repurchasing stock (Apache) and pursuing an IPO of midstream assets (Devon).

We further discuss the Fund's recent investments in the energy sector, as well as how sector themes arise from our bottom-up investment approach, in the essay that closes this letter.

From Third Avenue Management’s third quarter 2013 letter to shareholders.


Check out Martin Whitman latest stock trades

Bill Nygren Comments on Apache Corp. - Jul 11, 2013

Apache Corp. (APA – $84)(APA)
Apache is a large oil and gas exploration and production company operating both within and outside of the United States. The stock is down from a high of $149 reached in 2008 when natural gas prices were higher and from $134 in 2011 before it missed optimistic production growth targets. Disappointed investors pushed the stock to a low of $68 last quarter. Pessimism has left growth expectations so low that we now believe they will likely be exceeded. More importantly, management has changed its tune regarding its stock. Previously, like many of its peers, Apache management emphasized absolute growth without regard to per share growth. So our ears perked up when management said that, because the acquisition market valued Apache’s assets at higher multiples than the stock market, the company would begin to divest assets and use proceeds to repurchase undervalued stock. Selling at just nine times consensus earnings estimates for 2014 and with expectations of good capital allocation, we believe Apache is an attractive addition to our portfolio.

From Bill Nygren's second quarter 2013 commentary.
Check out Bill Nygren latest stock trades

Third Avenue Management Comments on Apache Corp - Jul 01, 2013

The Fund initiated a new position in Apache Common (APA) during the quarter. Apache is a Houston based oil and gas exploration and production ("E&P") company. Apache Common seems to be very inexpensive—the shares were purchased at a slight discount to book value, 3.5x earnings before interest, taxes depreciation and amortization ("EBITDA"), 8x expected 2013 earnings and a 20% discount to our conservative estimate of net asset value ("NAV"). The management team, led by CEO Steve Farris, has an impressive long-term track record of growth, and several recent acquisitions,including assets opportunistically acquired from BP after the Macondo oil spill, provide the company with a wealth of development opportunities to drive future net asset value growth. Apache's financial position is strong as most of its debt is long term, low coupon(A-credit rating) and easily supported by cash flow (interest coverage totals about 24x).

From Third Avenue Management's semi-annual 2013 commentary.
Check out Third Avenue Management latest stock trades

Top Ranked Articles about Apache Corporation

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Third Avenue Management Comments on Apache
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Third Avenue Management Comments on Apache
Fund Management also increased its position in Apache Common (APA), which was discussed in last quarter's letter, increasing the Fund's exposure to the oil and gas exploration and production ("E&P") sector to about 10%. The main attraction of our E&P investments (including Apache, Devon Energy, Encana and Total) is common stock pricing at a significant discount to our estimate of NAV with NAV consisting primarily of proved reserves of oil and natural gas. Each company in whose common stock the Fund is invested has a strong management team and a track record for generating attractive long-term NAV growth. Recently NAV growth has been weaker for our companies, and the overall industry, owing primarily to low natural gas and natural gas liquids pricing and slower than expected production growth from new oil plays. The poor overall sector stock performance and resultant divergence between the intrinsic value and market value of the common stocks has attracted the attention of activists who have targeted several companies including Hess Corp., Murphy Oil Corp., Chesapeake Energy Corp. and Occidental Petroleum Corp.The Value Fund sees the same disparity between the intrinsic value of corporate Read more...
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Ratios

vs
industry
vs
history
P/E(ttm) 16.00
APA's P/E(ttm) is ranked higher than
79% of the 470 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 21.90 vs. APA: 16.00 )
APA' s 10-Year P/E(ttm) Range
Min: 4.76   Max: 39.68
Current: 16

4.76
39.68
P/B 1.05
APA's P/B is ranked higher than
82% of the 938 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.50 vs. APA: 1.05 )
APA' s 10-Year P/B Range
Min: 0.88   Max: 2.99
Current: 1.05

0.88
2.99
P/S 2.21
APA's P/S is ranked higher than
75% of the 897 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.53 vs. APA: 2.21 )
APA' s 10-Year P/S Range
Min: 1.61   Max: 4.33
Current: 2.21

1.61
4.33
EV-to-EBIT 9.69
APA's EV-to-EBIT is ranked higher than
84% of the 647 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 17.38 vs. APA: 9.69 )
APA' s 10-Year EV-to-EBIT Range
Min: 3.4   Max: 190.6
Current: 9.69

3.4
190.6
PEG 1.28
APA's PEG is ranked higher than
64% of the 233 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.00 vs. APA: 1.28 )
APA' s 10-Year PEG Range
Min: 0.2   Max: 4.16
Current: 1.28

0.2
4.16
Shiller P/E 16.24
APA's Shiller P/E is ranked higher than
79% of the 321 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 24.56 vs. APA: 16.24 )
APA' s 10-Year Shiller P/E Range
Min: 8.47   Max: 24.2
Current: 16.24

8.47
24.2

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.97
APA's Dividend Yield is ranked lower than
83% of the 284 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.29 vs. APA: 0.97 )
APA' s 10-Year Dividend Yield Range
Min: 0.41   Max: 1.12
Current: 0.97

0.41
1.12
Dividend Payout 0.14
APA's Dividend Payout is ranked higher than
94% of the 200 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.65 vs. APA: 0.14 )
APA' s 10-Year Dividend Payout Range
Min: 0.04   Max: 1
Current: 0.14

0.04
1
Dividend growth (3y) 8.70
APA's Dividend growth (3y) is ranked higher than
85% of the 163 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 5.30 vs. APA: 8.70 )
APA' s 10-Year Dividend growth (3y) Range
Min: -13.6   Max: 49.4
Current: 8.7

-13.6
49.4
Yield on cost (5-Year) 1.34
APA's Yield on cost (5-Year) is ranked lower than
71% of the 297 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.05 vs. APA: 1.34 )
APA' s 10-Year Yield on cost (5-Year) Range
Min: 0.55   Max: 1.51
Current: 1.34

0.55
1.51
Share Buyback Rate -4.20
APA's Share Buyback Rate is ranked higher than
85% of the 799 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -7.60 vs. APA: -4.20 )
APA' s 10-Year Share Buyback Rate Range
Min: -0.3   Max: -15.3
Current: -4.2

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.09
APA's Price/Tangible Book is ranked higher than
81% of the 906 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.70 vs. APA: 1.09 )
APA' s 10-Year Price/Tangible Book Range
Min: 1.07   Max: 2.51
Current: 1.09

1.07
2.51
Price/DCF (Projected) 1.73
APA's Price/DCF (Projected) is ranked higher than
69% of the 254 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.80 vs. APA: 1.73 )
APA' s 10-Year Price/DCF (Projected) Range
Min: 1   Max: 5.61
Current: 1.73

1
5.61
Price/Median PS Value 0.73
APA's Price/Median PS Value is ranked higher than
78% of the 809 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 0.90 vs. APA: 0.73 )
APA' s 10-Year Price/Median PS Value Range
Min: 0.6   Max: 1.34
Current: 0.73

0.6
1.34
Price/Peter Lynch Fair Value 1.26
APA's Price/Peter Lynch Fair Value is ranked higher than
76% of the 119 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.30 vs. APA: 1.26 )
APA' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.35   Max: 2.21
Current: 1.26

0.35
2.21
Price/Graham Number 0.86
APA's Price/Graham Number is ranked higher than
88% of the 451 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.40 vs. APA: 0.86 )
APA' s 10-Year Price/Graham Number Range
Min: 0.65   Max: 3
Current: 0.86

0.65
3
Earnings Yield (Greenblatt) 10.30
APA's Earnings Yield (Greenblatt) is ranked higher than
85% of the 655 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 5.70 vs. APA: 10.30 )
APA' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.5   Max: 29.7
Current: 10.3

0.5
29.7
Forward Rate of Return (Yacktman) 11.76
APA's Forward Rate of Return (Yacktman) is ranked higher than
94% of the 758 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -12.69 vs. APA: 11.76 )
APA' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 3.8   Max: 37.3
Current: 11.76

3.8
37.3

Business Description

Industry: Oil & Gas - E&P » Oil & Gas E&P
Compare:OJSCY, APC, HRTPY, SGTZY, WOPEY » details
Traded in other countries:APA.Germany
Apache Corporation is a Delaware corporation, which was formed in 1954. It is an independent energy company that explores, develops and produces natural gas, crude oil and natural gas liquids. It has exploration and production interests in six countries, divided into seven operating regions: the United States, Canada, Egypt, Australia, the United Kingdom in the North Sea and Argentina. The Company's North American asset base primarily comprises operations in the central United States, the Permian Basin, the Gulf Coast onshore and offshore areas of the U.S., and operations in Western Canada. The Company's Gulf Coast assets are primarily located in and along the Gulf of Mexico, in the areas onshore and offshore Texas, Louisiana, Alabama and Mississippi. The area is divided into three regions, which include the Gulf of Mexico Shelf, Gulf of Mexico Deepwater and Gulf Coast Onshore. The Company has continued to increase its presence in the region of Canada and holds approximately seven million gross acres across the provinces of British Columbia, Alberta and Saskatchewan. It drilled or participated in drilling 169 wells in Canada, with a continued focus on increasing oil and liquids-rich gas production. The Company's international assets are located in Egypt, Australia, offshore the U.K. in the North Sea and Argentina. International assets contributed 44 percent of our production and 55 percent of our oil and gas revenues. The Company has holdings in offshore of Western Australia in the Carnarvon, Exmouth and Browse basins. It has operated in the Carnarvon basin since acquiring the gas processing facilities on Varanus Island and adjacent producing properties in 1993. Production operations are located in the Carnarvon and Exmouth basins. In total, the Company controls approximately 7.9 million gross acres offshore Western Australia through 30 exploration permits, 17 production licenses, and 13 retention leases. The Company's has operations in the provinces of Neuquén, Rio Negro and Tierra del Fuego. It has interests in 32 concessions, exploration permits and other interests totaling 4.4 million gross acres in four of the main Argentine hydrocarbon basins: Neuquén, Austral, Cuyo, and Noroeste. The Company is in the process of extending its concessions in the Tierra del Fuego and Rio Negro Provinces. The Company's competitors include national oil companies, major integrated oil and gas companies, other independent oil and gas companies and participants in other industries supplying energy and fuel to industrial, commercial and individual consumers. The Company subject to numerous federal, provincial, state, local and foreign country laws and regulations relating to discharge of materials into, and protection of, the environment.

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