Barclays upgraded APA Corp. (APA) to Equal Weight from Underweight with a $35 price target The firm says recent Middle East developments “materially improve” the outlook for APA’s gas marketing business. The company has 140,000 MMBtu/d of linked liquefied natural gas exposure through flows into Cheniere’s Corpus Christi facility, making it one of the most levered names to global liquefied natural gas pricing, the analyst tells investors in a research note. Barclays now sees a better risk/reward for the shares.
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