U.S. markets closed
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • Dow 30

    35,061.55
    +238.20 (+0.68%)
     
  • Nasdaq

    14,836.99
    +152.39 (+1.04%)
     
  • Russell 2000

    2,209.65
    +10.17 (+0.46%)
     
  • Crude Oil

    72.17
    +0.26 (+0.36%)
     
  • Gold

    1,802.10
    -3.30 (-0.18%)
     
  • Silver

    25.24
    -0.14 (-0.56%)
     
  • EUR/USD

    1.1770
    -0.0003 (-0.02%)
     
  • 10-Yr Bond

    1.2860
    +0.0210 (+1.66%)
     
  • GBP/USD

    1.3754
    -0.0013 (-0.10%)
     
  • USD/JPY

    110.5100
    +0.3950 (+0.36%)
     
  • BTC-USD

    34,146.32
    +187.82 (+0.55%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • Nikkei 225

    27,548.00
    +159.80 (+0.58%)
     

APA Completes the Formation of New Holding Company

  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

APA Corporation APA recently completed the previously announced holding company structure. Earlier in January, the company announced plans to form a new holding company, APA Corporation, following the approval of its board of directors.

The new holding company replaces Apache (which used to trade on the Nasdaq stock exchange) as the public company. Apache’s existing stake got converted automatically on a one-for-one basis into shares of common stock of APA Corporation. Notably, the new entity maintains Apache’s ticker symbol and acquired the latter’s Suriname and Dominican Republic subsidiaries.

Apache now became a direct subsidiary of the new holding company and will continue to hold its current oil and gas assets in the United States, units in Egypt and the U.K. where it carries out its activities in the Forties and Beryl areas of the central North Sea. Moreover, the oil and gas producer retains its existing business interests in midstream operator Altus Midstream Company ALTM and Altus Midstream LP, which operates as a special purpose acquisition company.

It is to be noted that a holding company provides several advantages in managing risks, and offers financial and administrative flexibility. It enables firms to lower their tax bill, protect patents and diversify their units’ operations efficiently. Importantly, the company’s action modernizes its operating and legal framework by making it more compatible with other companies having arms operating worldwide.

Company Summary

Founded in 1954, this Houston, TX-based APA is one of the world's leading independent energy companies engaged in exploration, development and production of natural gas, crude oil and natural gas liquids. Geographically, the company’s operations are based in the United States, Egypt and in the North Sea of the United Kingdom.

Zacks Rank & Other Key Picks

APA currently has a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include Matador Resources Company MTDR and Denbury Inc. DEN, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Zacks Names “Single Best Pick to Double”

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.

Free: See Our Top Stock and 4 Runners Up >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
APA Corp. (APA) : Free Stock Analysis Report
 
Matador Resources Company (MTDR) : Free Stock Analysis Report
 
ALTUS MIDSTREAM (ALTM) : Free Stock Analysis Report
 
Denbury Inc. (DEN) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research