Apache Corp. (NYSE:APA)

The analysis of the financial data reveals notable fluctuations in the share price, book value per share (BVPS), and their valuation ratio (price-to-book value, P/BV) over the examined periods. The share price demonstrates considerable volatility, with peaks and troughs that do not always correlate directly with changes in the book value. The BVPS shows a general upward trend for most of the period, indicating growth in the company's net asset value per share, although it experiences a significant drop in the final period.

Share Price Trends

The share price initially increased from 65.23 US$ to a peak of 114.71 US$ by the end of February 2008. This was followed by a sharp decline to 52.35 US$ in early 2009. Subsequently, the price recovered to reach 124.62 US$ in early 2011, the highest in the timeframe, before entering a downward trend that continued through 2016, with the share price falling to 39.47 US$. This pattern reflects high market volatility and potentially changing investor sentiment or external market conditions.

Book Value Per Share (BVPS) Trends

The BVPS showed steady growth from 31.91 US$ in March 2006 to a peak of 84.61 US$ in February 2014, indicating an increase in net asset value per share over eight years. However, after 2014, the BVPS declined sharply to 68.83 US$ in 2015 and then plunged drastically to 6.78 US$ by February 2016. This sudden fall suggests a significant deterioration in the company’s net assets or equity structure in the most recent year.

Price-to-Book Value (P/BV) Ratio Trends

The P/BV ratio exhibits considerable variation over the period, starting at 2.04 in 2006 and moving generally between around 0.9 and 2.5 through 2015, indicating fluctuating market valuation relative to book value. Notably, the ratio falls below 1.0 in several years (2009, 2013, 2014, 2015), implying that the share price was trading below the book value per share during those times, often a sign of undervaluation or market skepticism. However, in 2016, the ratio spikes dramatically to 5.82, a likely consequence of the sharp drop in BVPS combined with the residual share price, signaling a significant valuation anomaly or market reaction to changed fundamentals.