APA Corp. price target lowered to $22 from $24 at RBC Capital

RBC Capital analyst Scott Hanold lowered the firm’s price target on APA Corp. (APA) to $22 from $24 and keeps a Sector Perform rating on the shares. The company is making significant strides in the scale and velocity of cost changes, the analyst tells investors in a research note. RBC adds that it expects Q2 capital spending to be $650M – slightly below $656M consensus but above the $640M guidance due to accelerated Suriname spending.