RBC Capital analyst Scott Hanold raised the firm’s price target on APA Corp. (APA) to $24 from $23 and keeps a Sector Perform rating on the shares ahead of its Q3 results. The company has made significant strides in the scale and velocity of cost changes and is looking to build on the past quarter success, the analyst tells investors in a research note. Cash balances improve related to the payment that normalized Egypt receivables, although that does not flow through discretionary cash flow, the firm added.
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