Orbis Allan Gray Ltd Lowers stake in Apache Corporation (APA)

Apache Corporation (APA) : Orbis Allan Gray Ltd reduced its stake in Apache Corporation by 8.31% during the most recent quarter end. The investment management company now holds a total of 14,019,513 shares of Apache Corporation which is valued at $687,096,332 after selling 1,271,385 shares in Apache Corporation , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Apache Corporation makes up approximately 4.78% of Orbis Allan Gray Ltd’s portfolio.

Other Hedge Funds, Including , Arosa Capital Management Lp added APA to its portfolio by purchasing 402,550 company shares during the most recent quarter which is valued at $19,728,976. Apache Corporation makes up approx 4.28% of Arosa Capital Management Lp’s portfolio.Andra Ap-fonden reduced its stake in APA by selling 12,800 shares or 17.75% in the most recent quarter. The Hedge Fund company now holds 59,300 shares of APA which is valued at $2,906,293. Apache Corporation makes up approx 0.07% of Andra Ap-fonden’s portfolio.Rand Wealth boosted its stake in APA in the latest quarter, The investment management firm added 1,525 additional shares and now holds a total of 5,690 shares of Apache Corporation which is valued at $282,452. Apache Corporation makes up approx 0.04% of Rand Wealth’s portfolio.Wedge Capital Management L L Pnc reduced its stake in APA by selling 4,955 shares or 2.65% in the most recent quarter. The Hedge Fund company now holds 181,795 shares of APA which is valued at $9,544,238. Apache Corporation makes up approx 0.11% of Wedge Capital Management L L Pnc’s portfolio.

Apache Corporation opened for trading at $49.35 and hit $49.86 on the upside on Thursday, eventually ending the session at $49.79, with a gain of 0.18% or 0.09 points. The heightened volatility saw the trading volume jump to 37,30,974 shares. Company has a market cap of $18,891 M.

On the company’s financial health, Apache Corporation reported $-0.26 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.19. The company had revenue of $1382.00 million for the quarter, compared to analysts expectations of $1348.18 million. The company’s revenue was down -38.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.22 EPS.

Many Wall Street Analysts have commented on Apache Corporation. Apache Corporation was Downgraded by Citigroup to ” Neutral” on Aug 9, 2016. Apache Corporation was Initiated by Credit Agricole to “Underperform” on Jun 22, 2016.

Apache Corporation (Apache) is an independent energy company which explores for develops and produces natural gas crude oil and natural gas liquids. As of December 31 2014 Apache had exploration and production interests in five countries: the United States Canada Egypt Australia and the United Kingdom. During the year ended December 31 2014 it participated in drilling 1478 gross wells with 1407 (95%) completed as producers. As of December 31 2013 in addition to its completed wells several wells had not reached completion: 318 gross (214.7 net) in the United States; 27 gross (19.0 net) in Canada; 35 gross (32.5 net) in Egypt and 3 gross (2.2 net) in the North Sea. The Company’s operations in United States and Canada are constituted under its North America business while its International business constitutes its operations in Egypt Australia and the United Kingdom in the North Sea.

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