Traders Buy Shares of Anadarko Petroleum Corporation (APC) on Weakness Following Analyst Downgrade
Traders purchased shares of Anadarko Petroleum Corporation (NYSE:APC) on weakness during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $73.00 to $72.00. $71.01 million flowed into the stock on the tick-up and $44.49 million flowed out of the stock on the tick-down, for a money net flow of $26.52 million into the stock. Of all equities tracked, Anadarko Petroleum Corporation had the 32nd highest net in-flow for the day. Anadarko Petroleum Corporation traded down ($0.75) for the day and closed at $49.39
Other equities research analysts have also recently issued reports about the company. Mitsubishi UFJ Financial Group upgraded Anadarko Petroleum Corporation from a “neutral” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Thursday, July 27th. BidaskClub cut Anadarko Petroleum Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 17th. Royal Bank Of Canada reiterated a “buy” rating and issued a $62.00 price target on shares of Anadarko Petroleum Corporation in a research note on Thursday, July 20th. Bank of America Corporation decreased their price target on Anadarko Petroleum Corporation from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, July 25th. Finally, UBS AG upgraded Anadarko Petroleum Corporation from a “neutral” rating to an “overweight” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Anadarko Petroleum Corporation presently has a consensus rating of “Buy” and an average target price of $67.35.
A number of institutional investors have recently made changes to their positions in APC. BlackRock Inc. lifted its position in Anadarko Petroleum Corporation by 3,052.0% during the first quarter. BlackRock Inc. now owns 42,300,274 shares of the oil and gas development company’s stock worth $2,622,619,000 after buying an additional 40,958,268 shares in the last quarter. Dodge & Cox lifted its position in Anadarko Petroleum Corporation by 43.7% during the second quarter. Dodge & Cox now owns 32,794,208 shares of the oil and gas development company’s stock worth $1,486,889,000 after buying an additional 9,965,600 shares in the last quarter. Franklin Resources Inc. lifted its position in Anadarko Petroleum Corporation by 106.6% during the second quarter. Franklin Resources Inc. now owns 14,394,958 shares of the oil and gas development company’s stock worth $652,661,000 after buying an additional 7,428,741 shares in the last quarter. Janus Henderson Group PLC lifted its position in Anadarko Petroleum Corporation by 5,465.5% during the second quarter. Janus Henderson Group PLC now owns 4,182,014 shares of the oil and gas development company’s stock worth $189,613,000 after buying an additional 4,106,872 shares in the last quarter. Finally, Boston Partners lifted its position in Anadarko Petroleum Corporation by 311.0% during the third quarter. Boston Partners now owns 3,651,098 shares of the oil and gas development company’s stock worth $178,356,000 after buying an additional 2,762,834 shares in the last quarter. Hedge funds and other institutional investors own 85.54% of the company’s stock.
Anadarko Petroleum Corporation (NYSE:APC) last posted its earnings results on Tuesday, October 31st. The oil and gas development company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.21). Anadarko Petroleum Corporation had a negative net margin of 17.13% and a negative return on equity of 9.63%. The company had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the company posted ($0.89) EPS. Anadarko Petroleum Corporation’s quarterly revenue was up 31.9% compared to the same quarter last year.
Anadarko Petroleum Corporation announced that its board has initiated a share repurchase plan on Wednesday, September 20th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the oil and gas development company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
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About Anadarko Petroleum Corporation
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. The Company is engaged in developing, acquiring, and exploring for oil and natural-gas resources. The Company’s segments include Oil and Gas Exploration and Production; Midstream, and Marketing. The Company’s geographical segments include the United States and International.
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