
Apache (APA) Stock Rising on Reports of Rejected Takeover Bid
NEW YORK (TheStreet) -- Shares of Apache Corp. (APA) - Get Report are climbing by 12.02% to $47.67 in pre-market trading on Monday, following reports that the independent energy company rejected a takeover bid from an unnamed party.
The Houston-based company, worth over $18 billion, is currently working with Goldman Sachs on a defense, sources told Bloomberg. The unidentified potential buyer sent Apache a letter sometime in the past few weeks notifying the company of its desire to acquire it.
It is unclear if talks between the two companies will continue, Bloomberg added.
Additionally, on Thursday, Apache released its 2015 third quarter financial results.
The company reported a loss of 5 cents per share, compared to the loss of 36 cents per share analysts surveyed by Thomson Reuters had expected. Revenue came in at $1.49 billion versus the $1.58 billion analysts were expecting.
Separately, TheStreet Ratings team rates APACHE CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate APACHE CORP (APA) a SELL. This is driven by a few notable weaknesses, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: APA
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