APA Corp. price target lowered to $49 from $50 at Wells Fargo

Wells Fargo lowered the firm’s price target on APA Corp. to $49 from $50 and keeps an Overweight rating on the shares as part of a broader research note on the Exploration & Production sector following Q2 results and reflecting revisions to proved reserves, development schedule and well cost assumptions. APA raised its oil production outlook for the second half of the year after reporting strong oil production growth in Q2, benefitting from the contribution of its Callon acquisition which closed in April, the analyst tells investors in a research note.