Long Position on APA @ $32.10 on 2/22/2022 (Fundamentals)

APA Corporation (APA)  explores for and produces oil and gas properties. 

It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities offshore Suriname. It also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.

APA Corporation announced an oil discovery yesterday at the Krabdagu-1, or KBD-1, exploration well. KBD-1 is located on Block 58 offshore Suriname.  APA Suriname holds a 50% working interest in the block, with TotalEnergies, the operator, holding a 50% working interest

Last night, APA reported 3rd Quarter September 2021 earnings of $0.98 per share on revenue of $1.7 billion. The consensus earnings estimate was $0.89 per share on revenue of $1.6 billion.  Revenue grew 47.4% on a year-over-year basis.

Shares are heading higher in an upward trading channel. Prices are currently at the lower boundary of the channel. Highers hare prices are expected. 

Entry Point: $32.10

Stop Loss: $30.00

Trading Range: $15.55 - $36.46

Target Pirce: $36.00

Updates

3/1/2022 9:58:59 AM

APA closed at $37.40

Position closed on 3/1/2022 at price of $37.40 with a 16.51% gain in 7 days.

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