APA Corporation received a price target revision from Wells Fargo analyst Noah Hungness, who raised the target to $51 from $50 while maintaining an Equal-Weight rating.

The adjustment reflects a modest upward revision in valuation expectations for the energy company. The Equal-Weight stance indicates that the analyst views the stock's performance as aligned with its sector peers rather than outperforming or underperforming them significantly.

Analyst Rating Details

The increase of $1 represents a 2% rise in the price target. No other changes to the investment thesis or rating category were disclosed in the brief update.

APA Corporation estimates a $190 million net gain on oil and gas purchases and sales for the third quarter of fiscal year 2026, including an $8 million realized gain from commodity derivatives.

The company released supplemental information regarding estimated third-quarter 2026 financial and operational results on October 7, 2026. The disclosure provides preliminary estimates to assist investors in formulating expectations ahead of the official earnings report.

Estimated realized prices

The company provided estimated average realized prices for oil, natural gas liquids (NGL), and natural gas across its United States and international operations. These figures reflect current management estimates subject to finalization of the financial reporting process.

*The increase in international NGL prices compared to prior quarters primarily reflects low volumes and the timing of revenue recognition.

Operational and financial estimates

APA disclosed specific operational metrics and cost items expected to impact third-quarter results. These include tax barrels in Egypt, dry hole costs, and gains from commodity trading activities.

**Includes $8 million realized gain from commodity derivatives.

Share repurchase and administrative expenses

During the third quarter, APA repurchased 10.5 million shares at an average price of $42.78 per share. The estimated weighted-average basic common shares outstanding for the quarter are 348 million.

General and administrative expenses totaled approximately $115 million. This figure includes $56 million of stock-based compensation, most of which reflects the mark-to-market impacts of the company's share price during the quarter.

What the numbers show

A significant portion of the general and administrative expense is driven by non-cash stock-based compensation. At $56 million, this component accounts for nearly half of the total $115 million G&A spend, indicating that share price volatility directly influences reported operating expenses in this period.

Earnings call schedule

APA will host a conference call to discuss its third-quarter 2026 results at 10 am Central time on Thursday, November 5. The call will be webcast via the company’s investor relations website. A replay will be available for one year following the event.