APA Corp. price target lowered to $28 from $29 at UBS

UBS lowered the firm’s price target on APA Corp. (APA) to $28 from $29 and keeps a Neutral rating on the shares. The company’s Q3 operational and financial results performance were net positive, but the stock has underperformed on the North Sea wind down announcement, the analyst tells investors in a research note. UBS understands the decision’s logic, but says that with the asset now in accelerated decline mode, and Permian/Egypt oil volumes guided flat versus growth expectations, it sees the drop in oil production weakening capital efficiency as non-producing spend in Suriname/Alaska rises.