Bank of America Maintains Buy, $160 PT on Apache Following Acquisition

Bank of America reiterates its Buy rating and $100 price target on Apache APA as the company announces the acquisition of Cordillera Energy Partners. Bank of America says, "Apache has announced what at first glance looks a solid bolt-on resource opportunity in its back yard – and economics that easily support the acquisition price, in our view. The deal is a $2.85bn debt and equity acquisition of Cordillera Energy Partners III - a purpose built management vehicle founded to build, exploit and then sell assets in targeted areas historically overlooked. Apache gains 254,000 acres in the Texas and Oklahoma Granite Wash, more than doubling its position in the play and providing another meaningful growth asset in the portfolio." APA closed at $96.80 per share on Friday.