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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 Value Fund Comments on Apache Corporation - Sep 12, 2014

Apache (APA) is transforming its holdings from a diversified array of E&P assets to one that is more focused on unconventional onshore liquids plays. We expect the company to live within its cash flow, excluding the CAPEX required for its two liquid natural gas (LNG) projects, Wheatstone and Kitimat. Longer term, we think Apache will at least partially monetize LNG projects, which are operated by Chevron, to focus on higher return projects that support production and cash flow growth. Although not expected nor central to our investment thesis, the recent involvement from JANA Partners further validates our view that significant value remains under‐appreciated within Apache’s still fairly diverse portfolio of E&P assets.



From Third Avenue Value Fund’s Third Quarter 2014 Commentary.



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Third Avenue Management Comments on Apache - Jul 23, 2014

Oil and gas exploration and production (“E&p”) companies (Encana Common and Apache Common (APA)). Shares of both companies were purchased below our estimates of net asset value, despite generally improving business fundamentals, particularly for natural gas.

From Martin Whitman (Trades, Portfolio)'s 2Q 2014 Shareholder Letters.

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Bill Nygren Comments on Apache - Jul 10, 2014

Our best-performing sectors for the second quarter were energy and information technology, and from these sectors, Apache (APA) and Intel were the Fund’s two strongest individual contributors.



The energy sector got a lift from rising commodity prices, and Apache enjoyed better than expected earnings and some value-maximizing capital allocation decisions. Apache is selling what we think are fully valued oil and gas assets and using the proceeds to repurchase undervalued shares of the company. We are always thrilled to see management teams allocate capital to the highest return alternatives.



Even with strong recent gains for Apache and Intel, the two stocks still sell at a significant discount to our estimate of intrinsic value.



From Bill Nygren (Trades, Portfolio)'s Second Quarter 2014 Shareholder Letter.



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Diamond Hill Capital Comments on Apache Corp - Jun 26, 2014

Shares of oil and gas exploration and production company Apache Corp. (APA) responded to the company’s weakened competitive position relative to the domestic oil and gas industry.



We also eliminated oil and gas exploration and production companies Apache Corp. (APA) and Occidental Petroleum Corp. (OXY) and reinvested the proceeds into other opportunities that presented a larger discount to our estimate of intrinsic value.



From Diamond Hill Capital's Select Fund Commentary – First Quarter 2014.



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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.


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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.
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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.
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Top Ranked Articles about Apache Corporation

Third Avenue Value Fund Comments on Apache Corporation
Apache (APA) is transforming its holdings from a diversified array of E&P assets to one that is more focused on unconventional onshore liquids plays. We expect the company to live within its cash flow, excluding the CAPEX required for its two liquid natural gas (LNG) projects, Wheatstone and Kitimat. Longer term, we think Apache will at least partially monetize LNG projects, which are operated by Chevron, to focus on higher return projects that support production and cash flow growth. Although not expected nor central to our investment thesis, the recent involvement from JANA Partners further validates our view that significant value remains under‐appreciated within Apache’s still fairly diverse portfolio of E&P assets. Read more...
Third Avenue Management Comments on Apache
Oil and gas exploration and production (“E&p”) companies (Encana Common and Apache Common (APA)). Shares of both companies were purchased below our estimates of net asset value, despite generally improving business fundamentals, particularly for natural gas. Read more...
Brian Rogers Reports Top Five of the Second Quarter
In addition to his roles as chairman and chief investment officer of the management firm T. Rowe Price, Brian Rogers (Trades, Portfolio) manages the T. Rowe Price Equity Income Fund (PRFDX), an income and value-oriented strategy. Along with managing these funds, Rogers is also a member of the Barron’s Roundtable Team. Read more...
Bill Nygren Comments on Apache
Our best-performing sectors for the second quarter were energy and information technology, and from these sectors, Apache (APA) and Intel were the Fund’s two strongest individual contributors. Read more...
Diamond Hill Capital Comments on Apache Corp
Shares of oil and gas exploration and production company Apache Corp. (APA) responded to the company’s weakened competitive position relative to the domestic oil and gas industry. Read more...
Top Guru-Owned Energy Companies at the Start of 2014
Using the GuruFocus Aggregated Portfolio Screener you can filter results to see what companies maintain the highest amount of guru ownership. By using this screener, we filtered down to see energy companies which are held by the most gurus. The following five energy companies are held by the largest number of gurus during the past quarter. Read more...
Investor Arnold Van Den Berg Buys Another Slew of Miners in Q1
Century Management’s Arnold Van Den Berg (Trades, Portfolio) already reported his first quarter portfolio. He bought fewer stocks this quarter than in the previous quarter, with 14 new buys compared to 22. The decreased purchasing could be related to his wariness of the U.S. economy’s stability. In his February note, “Inflation, Gold and Gold Mining Companies,” he wrote: Read more...
Portfolio Manager David Miller and His Insider Buys Stock Picks
Over the past week Portfolio Manager David Miller had an interview with Barron’s where he discussed his stock picks. David Miller and his fund, Catalyst Funds, like to watch the corporate executives of a company. Miller is so confident in his approach that he created several funds based on watching insiders that are bullish on their own stocks. One of Miller’s funds is the Catalyst Insider Buying Fund (INSAX), which is a large-cap fund that looks for big name companies where insiders are buying. Read more...
Third Avenue Management Comments on Apache
In August, Apache (APA) announced that it agreed to sell a 33% stake in its Egyptian oil and gas business to Sinopec (SHI) for $3.1 billion. This price equated to $34 per barrel of proved reserves, or a significant premium to the valuation of Apache common of about $15 per barrel prior to the announcement of the transaction. Given the recent political turmoil in Egypt, we were pleasantly surprised at the higher Read more...
Down $42 million – T. Boone Pickens Slashes Energy Companies
The updated portfolio of T Boone Pickens, BP Capital, lists 17stocks, four of them new, with a total value of $60 million, down from $102 million last quarter. His quarter-over-quarter turnover is 36%. Picking up speed from his second quarter of unloading energy holdings, Pickens did another major house cleaning on his energy portfolio, selling or reducing around 30 companies, in the third quarter. Read more...
» More Articles for APA

Ratios

vs
industry
vs
history
P/E(ttm) 31.40
APA's P/E(ttm) is ranked higher than
87% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 31.40 )
APA' s 10-Year P/E(ttm) Range
Min: 4.76   Max: 39.68
Current: 31.4

4.76
39.68
P/B 1.14
APA's P/B is ranked higher than
86% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.75 vs. APA: 1.14 )
APA' s 10-Year P/B Range
Min: 0.88   Max: 2.99
Current: 1.14

0.88
2.99
P/S 2.61
APA's P/S is ranked higher than
86% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 4.15 vs. APA: 2.61 )
APA' s 10-Year P/S Range
Min: 1.61   Max: 4.33
Current: 2.61

1.61
4.33
EV-to-EBIT 12.77
APA's EV-to-EBIT is ranked higher than
93% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 215.00 vs. APA: 12.77 )
APA' s 10-Year EV-to-EBIT Range
Min: 3.4   Max: 190.6
Current: 12.77

3.4
190.6
PEG 1.74
APA's PEG is ranked higher than
95% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 1.74 )
APA' s 10-Year PEG Range
Min: 0.2   Max: 4.16
Current: 1.74

0.2
4.16
Shiller P/E 21.82
APA's Shiller P/E is ranked higher than
94% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 21.82 )
APA' s 10-Year Shiller P/E Range
Min: 8.49   Max: 24.2
Current: 21.82

8.49
24.2
Current Ratio 1.12
APA's Current Ratio is ranked higher than
80% of the 822 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.04 vs. APA: 1.12 )
APA' s 10-Year Current Ratio Range
Min: 0.64   Max: 2.25
Current: 1.12

0.64
2.25
Quick Ratio 0.95
APA's Quick Ratio is ranked higher than
77% of the 822 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.00 vs. APA: 0.95 )
APA' s 10-Year Quick Ratio Range
Min: 0.56   Max: 2.03
Current: 0.95

0.56
2.03

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.93
APA's Dividend Yield is ranked lower than
86% of the 306 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.75 vs. APA: 0.93 )
APA' s 10-Year Dividend Yield Range
Min: 0.41   Max: 1.12
Current: 0.93

0.41
1.12
Dividend Payout 0.20
APA's Dividend Payout is ranked higher than
97% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 0.20 )
APA' s 10-Year Dividend Payout Range
Min: 0.04   Max: 7.5
Current: 0.2

0.04
7.5
Dividend growth (3y) 8.70
APA's Dividend growth (3y) is ranked higher than
85% of the 191 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 6.30 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) 1.21
APA's Yield on cost (5-Year) is ranked lower than
79% of the 317 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 3.82 vs. APA: 1.21 )
APA' s 10-Year Yield on cost (5-Year) Range
Min: 0.55   Max: 1.51
Current: 1.21

0.55
1.51
Share Buyback Rate -4.20
APA's Share Buyback Rate is ranked higher than
85% of the 858 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -7.80 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 1.20
APA's Price/Tangible Book is ranked higher than
87% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 2.00 vs. APA: 1.20 )
APA' s 10-Year Price/Tangible Book Range
Min: 1.03   Max: 2.86
Current: 1.2

1.03
2.86
Price/DCF (Projected) 2.45
APA's Price/DCF (Projected) is ranked higher than
95% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 2.45 )
APA' s 10-Year Price/DCF (Projected) Range
Min: 0.98   Max: 7.17
Current: 2.45

0.98
7.17
Price/Median PS Value 0.89
APA's Price/Median PS Value is ranked higher than
84% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 1.07 vs. APA: 0.89 )
APA' s 10-Year Price/Median PS Value Range
Min: 0.61   Max: 1.85
Current: 0.89

0.61
1.85
Price/Peter Lynch Fair Value 2.07
APA's Price/Peter Lynch Fair Value is ranked higher than
97% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 2.07 )
APA' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.26   Max: 2.78
Current: 2.07

0.26
2.78
Price/Graham Number 0.99
APA's Price/Graham Number is ranked higher than
94% of the 1132 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 9999.00 vs. APA: 0.99 )
APA' s 10-Year Price/Graham Number Range
Min: 0.58   Max: 2.53
Current: 0.99

0.58
2.53
Earnings Yield (Greenblatt) 7.80
APA's Earnings Yield (Greenblatt) is ranked higher than
85% of the 746 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: 6.40 vs. APA: 7.80 )
APA' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.5   Max: 29.7
Current: 7.8

0.5
29.7
Forward Rate of Return (Yacktman) 8.74
APA's Forward Rate of Return (Yacktman) is ranked higher than
93% of the 851 Companies
in the Global Oil & Gas E&P industry.

( Industry Median: -9.71 vs. APA: 8.74 )
APA' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 3.8   Max: 37.3
Current: 8.74

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.
» More Articles for APA

Headlines

Articles On GuruFocus.com
Third Avenue Value Fund Comments on Apache Corporation Sep 12 2014 
Upside Will Continue For Apache Petroleum Sep 08 2014 
Wait For Correction To Buy Pioneer Natural Resources Jul 30 2014 
Third Avenue Management Comments on Apache Jul 23 2014 
Brian Rogers Reports Top Five of Q2 Jul 15 2014 
Apache: Focus On North America Is Value Creating Jul 14 2014 
Bill Nygren Comments on Apache Jul 10 2014 
Diamond Hill Capital Comments on Apache Corp Jun 26 2014 
Top Guru-Owned Energy Companies at the Start of 2014 Jun 04 2014 
Arnold van den Berg: The Risk of Inflation and How to Protect Your Portfolio Against It May 05 2014 

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