Apache shares are up only a mild 0.50% today on the news of Hosni Mubarak’s resignation.Apache shares have been sharply lower since the uprising began in Egypt. The Houston-based company holds a fifth of its production in Egypt and generates 30% of its revenue there. Investors were concerned those facilities would be impacted by the instability or have to shut down.
Clearly Apache investors are not yet confident the the situation in Egypt will return to stability.
JPMorgan initiated coverage on Apache yesterday with an overweight rating and a $139.00 price target. The stock opened at $118.67.