Apache Corporation (NASDAQ:APA) stock identified change of 22.27% away from 52-week low price and recently located move of -78.83% off 52-week high price. It has market worth of $3.24BM and dividend yield of 12.39%. APA stock has been recorded -69.90% away from 50 day moving average and -67.38% away from 200 day moving average. Moving closer, we can see that shares have been trading -64.33% off 20-day moving average.
On March 12, 2020, Apache Corporation (NASDAQ:APA) reported multiple actions being taken in response to the current oil price environment. The company reduced its 2020 capital investment plan to a range of $1.0 billion to $1.2 billion from a previous range of $1.6 billion to $1.9 billion. Over the coming weeks, the company will reduce its Permian rig count to zero, limiting exposure to short-cycle oil projects. Activity reductions are also planned in Egypt and the North Sea. In Suriname, upon the conclusion of operations at the Sapakara West-1 exploration well, the company will proceed, as planned, to a third exploration prospect.
Additionally, Apache’s board of directors has approved a reduction in the company’s quarterly dividend per share from $0.25 to $0.025, effective for all dividends payable after, March 12, 2020. The company will use the $340 million of cash retained annually from the dividend reduction to further strengthen its financial position. Apache has ample liquidity through its $4 billion undrawn revolver and considerable flexibility to manage the $937 million of bonds maturing between February 2021 and January 2023.
We are significantly reducing our planned rig count and well completions for the remainder of the year, and our capital spending plan will remain flexible based on market conditions, said John J. Christmann IV, Apache’s chief executive officer and president. We are also further reducing operating and overhead costs as we continue to implement our corporate redesign program, which began in the fall of 2019. These decisive actions will benefit Apache as we navigate these challenging market conditions.
The Basic Materials sector company, Apache Corporation noticed change of 3.99% to $8.07 along volume of 24865165 shares in recent session compared to an average volume of 7.06M. The stock observed return of -61.01% in 5 days trading activity. The stock was at -71.66% over one month performance. APA’s shares are at -62.08% for the quarter and driving a -76.45% return over the course of the past year and is now at -68.46% since this point in 2018.
The average volatility for the week at 29.16% and for month was at 11.49%. There are 401.15M shares outstanding and 375.45M shares are floated in market. Right now the stock beta is 2.37.
Shawn Harris is a Master’s in Business Administration by education. After completing his post-graduation, Shawn jumped the journalism bandwagon as a freelance journalist. Soon after that he landed a job of reporter and has been climbing the news industry ladder ever since to reach the post of editor. As an avid day trader, Shawn is a master of technical analysis and writes tirelessly on how stocks are trading. He has extensive knowledge in technical analysis & news writing.