NEW YORK (TheStreet) -- Shares of Apache (APA) - Get Report are flat at $57.91 in pre-market trading on Thursday, as Jefferies raised its price target to $40 from $35 and maintained its "underweight" rating on the stock.
The firm's adjustments come after the Houston-based natural gas and oil company reported "generally" solid 2016 first quarter results, released earlier this month.
On May 5, Apache reported a 2016 first quarter net loss of $1.29 per share, narrower from the previous year's first quarter net loss of $12.34 per share. The company reported that revenue fell more than 35% year-over-year to $1.05 billion.
"Producers generally met/beat expectations. Capex outlook remained very stable, and hedging additions were light," Jefferies analysts said in an investor note.
Meanwhile, Crude oil (WTI) is climbing by 1.11% to $50.11 per barrel and Brent crude is rising by 1.29% to $50.38 per barrel, CNBC reports this morning. The rally in oil prices is attributed to an ending of the U.S. supply glut, supply outages in countries such as Nigeria and worldwide oil worker strikes.
Separately, TheStreet Ratings rated Apache as a "sell" with a score of D.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
This is driven by multiple weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks that are covered.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, poor profit margins, generally disappointing historical performance in the stock itself and generally high debt management risk.
You can view the full analysis from the report here: APA