Truist raised the firm’s price target on APA Corp. (APA) to $61 from $59 and keeps a Buy rating on the shares. The analyst is updating the firm’s model after the company announced the acquisition of Callon Petroleum (CPE) in an all-stock deal. The deal is positive for APA as it should be able to quickly lower operating costs and drill the best Callon acreage, the firm tells investors in a research note.
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Read More on APA:
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- M & A News: APA Acquires Callon (NYSE:CPE) in $4.5B Deal
- Callon Petroleum jumps 6% to $35.69 after APA Corp. buyout proposal
- APA Corp. to acquire Callon Petroleum in $4.5B all-stock transaction
- APA Corp. acquiring Callon Petroleum in all-stock transaction for $4.5B