The stock of Apache Corporation (NASDAQ:APA) is now priced at $15.25 and the shares are -0.09 points down or -0.55% lower compared to its previous closing price of $15.34. The stock had 4.023 million contracts set over the past session. APA shares’ daily volume is compared to its average trading volume at 13.39 million shares. However, it has a float of 376 million and although its performance was -2.18% over the week, it’s one to watch. Analysts have given the APA stock a yearly average price target of $15.98 per share. It means the stock’s upside potential is 4.79% with the APA share price recently placing at $15.036 to $15.605. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Apache Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the APA shares have declined. Short interest in the stock represents just 3.81% of its float, but the volume has dropped by -3440018. The volume of shorted shares dropped to 14.345 million from 17.785 million shares over the last two weeks. The average intraday trading volume has been 9.686 million shares, which means that days to cover moved to roughly 1.481023.
In the last trading session, Apache Corporation (NASDAQ:APA) dropped by -$0.34 over the week and gained $0.35 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $33.77. The stock recorded its established 52-week high on 01/14/20.
Since 03/18/20, the stock has traded to a low of $3.8 at 301.32%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 4.83. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Apache Corporation’s two-week RSI is 52.19. This suggests that the stock is neutral at the moment and that APA shares’ price movement remains stable. The stochastic readings are equally revealing at 46.12% meaning the APA share price is currently in neutral territory.
The technical chart shows that the APA stock will likely settle at between $15.56 and $15.87 per share. However, if the stock dips below $14.99, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $14.73.
Currently, the stock is trading in the red of MACD, with a reading of -0.2. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned APA a rating of Neutral in their resuming review released on August 05. Stifel analysts upgraded their recommendation of the stock from Hold to Buy while keeping its target price at $13 to $18 in a flash note released to investors on July 30. JP Morgan seeing the improvements upgraded the stock from Neutral to Overweight on July 23.
The average rating for the APA equity is 2.7 and is currently gathering a bullish momentum. Of 30 analysts tracking Apache Corporation polled by Reuters, 20 rated APA as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.