10 Oversold Energy Stocks To Buy Now

3. APA Corporation (NASDAQ:APA)  

Number of Hedge Fund Investors: 31  

Forward P/E Ratio as of November 5: 6.08  

YTD Performance as of November 5: -34.03%  

APA Corporation (NASDAQ:APA), formerly known as Apache Corporation, is a US-based oil and gas exploration and production company with a global footprint, including significant operations in the Permian Basin, the North Sea, and Egypt.

On September 10, APA Corporation (NASDAQ:APA) announced that it had entered into an agreement to sell its non-core producing properties in the Permian Basin to an undisclosed buyer for $950 million. The properties, located in Texas and New Mexico, currently produce approximately 21,000 barrels of oil equivalent per day, with about 57% being oil. The sale is expected to close in the fourth quarter of 2024 and the proceeds will be used primarily to reduce debt.

According to management, the sale is part of the company’s strategy to “high grade” and focus its US asset base. The company has made several transactions this year, including the acquisition of Callon Petroleum, which has increased its onshore US production by approximately 66,000 barrels of oil equivalent per day in 2024. The company’s remaining Permian position has scale and balance in the unconventional Midland and Delaware Basins, and its global portfolio provides geographic and price diversification, as well as exploration upside. As a result of the sale, APA Corporation’s (NASDAQ:APA) pro-forma fourth-quarter US production guidance is expected to be 307,000 barrels of oil equivalent per day, which is 34% above the company’s fourth-quarter 2023 production.

APA Corporation’s (NASDAQ:APA) diversified portfolio and strong presence in both domestic and international markets position it as a key player in the global energy industry.