Independent oil and natural gas producer Apache Corporation ( APA ) on Thursday posted a sharp uptick in second quarter profits, propelled by record oil production.
The Houston-based company reported second quarter net income of $1.24 billion, or $3.17 per share, up from $860 million, or $2.53 per share, in the year-ago period. Excluding items, adjusted profit was $3.22 per share, beating analyst estimates of $3.09.
Revenue surged to $4.34 billion from $2.97 billion last year, also beating analyst estimates for $4.26 billion.
Apache Corp shares fell $2.35, or -2%, in early trading Thursday.
The Bottom Line
Shares of Apache Corp ( APA ) have a .51% dividend yield, based on last night's closing stock price of $118.45. The stock has technical support in the $111-$113 price area. If the shares can firm up, we see overhead resistance around the $125-$134 price levels.
Apache Corporation ( APA ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
