APA Corp. downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded APA Corp. (APA) to Equal Weight from Overweight with a price target of $25, down from $42. The firm favors gas equities in 2025, saying the favorable fundamentals for gassy exploration and production companies s are well known but still favorable. With both power generation and liquified natural gas exports ramping higher through 2030, U.S. natural gas demand growth might deliver three-times volume growth versus global oil demand, the analyst tells investors in a research note. Wells adjusted ratings in the sector as part of its 2025 outlook.