For the last few months, shares of APA Corporation (APA) formed an uptrend from $15 to around $20. The stock continued its uptrend on Tuesday. The company did not post any major news.
APA declared a $0.25 quarterly dividend on Sept. 9 for a 4.36% yield. In the second quarter, the company posted production volume that exceeded its guidance. It also achieved higher activity using fewer rigs and frac crews.
Occidental Petroleum (OXY) added 5% yesterday to close at $47.76. WTI crude prices barely moved on the day, closing at $64.54. Value investors likely built a position in the energy firm to bet on its turnaround. Occidental is focusing on efficiency instead of raising capital expenditures.
Hershey (HSY), a supplier of chocolate, gained 4.25% to close at $193.45. Look for its breakout to continue today. Goldman Sachs analysts upgraded HSY stock from a “Sell” to a “Buy.” It increased its price target by 30% to $222.
Steel Dynamics (STLD) broke out yesterday. Shares added 6.15% to close near $140. The firm is forecasting Q3 EPS of $2.60 to $2.64. Performance across all three of its operating platforms will lift earnings. Steel shipments and wider metal spreads more than offset a drop in steel prices.
In the communications sector, beware of Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD). Any deal for the former to buy WBD will take far longer than expected.
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