APA Corp

APA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$13.00	Bzfx	Mfqynhmk

APA Earnings: Beats Guidance on Volumes and Expenses, Lowers Budget, and Hints at Suriname FID

Dave Meats

May 4, 2023

We're raising our fair value estimate for APA to $43 per share from $39, after incorporating the firm's extremely strong first-quarter results. The increase makes APA stand out as the only upstream oil firm under coverage currently undervalued on a price/fair value basis. But the wide range of outcomes also justifies an increase in Morningstar Uncertainty Rating from High to Very High.

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