APA Corp. price target raised to $19 from $17 at Goldman Sachs

Goldman Sachs raised the firm’s price target on APA Corp. (APA) to $19 from $17 and keeps a Sell rating on the shares. The company reported the award of 2M additional Egypt acres in July and expects to begin drilling on the new acreage by 2025-end, though as the oil pricing outlook remains more uncertain given OPEC+ supply additions and a lack of clarity on the outlook for demand, some investors remain relatively less-constructive on the oily E&P sub-sector more broadly, the analyst tells investors in a research note. The firm adds that it sees downside to shares at current levels relative to oil E&P average upside of 13% following APA’s outperformance over the past 3 months relative to peers.