NEW YORK (TheStreet) -- Shares of Apache Corp. (APA) are up 1.05% to $98.14 after it was reported that the oil producer, under investor pressure to shed its international assets, is seeking to raise up to $840 million from the sale of oil and gas projects in Alberta, sources told Bloomberg.
Apache is working with Bank of Nova Scotia (BNS) to sell the assets in the Provost region, Bloomberg said.
Apache, with a market value of more than $37 billion, expects to raise $600 million to $840 million from the sale, sources added.
The sale is a small part of a broader restructuring under way at the oil and gas producer, which is being pushed by activist investor Jana Partners LLC to focus on more lucrative U.S. oil projects, Bloomberg noted.
TheStreet Ratings team rates APACHE CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate APACHE CORP (APA) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."