Barclays downgraded APA Corp. (APA) to Underweight from Equal Weight with an unchanged price target of $24. The firm estimates the company’s Permian standalone free cash yield is “just” 3.8% in 2026 at strip prices, a “significant premium to larger U.S. onshore pure play peers with greater scale and inventory quality.” In addition, APA’s “outsized” gas marketing gains in 2055 are set to compress materially as Permian offtake expansions narrow Waha dislocations and global liquified natural gas prices weaken versus the U.S., the analyst tells investors in a research note.
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