Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Apache Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
The analysis of the financial ratios over the given periods reveals notable trends in valuation metrics reflecting the market's changing perception of the company's profitability, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates a general upward trend from March 2012 to March 2014, increasing from approximately 8.21 to 31.6, indicating that investors were willing to pay more for each unit of earnings over time, possibly reflecting higher growth expectations or improved earnings quality. Data beyond June 2014 are missing, limiting further trend analysis for this ratio.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a steady increase from 4.41 in March 2012 to 9.07 by September 2014. This upward movement suggests that the market valuation relative to operating profits was rising, signaling heightened investor confidence in operating income generation prior to the missing data period.
- Price to Sales (P/S) Ratio
- This ratio fluctuates throughout the periods analyzed. It started at 1.97 in early 2012, saw a mild increase and oscillation around the 2.0 mark, and then displayed a pronounced rise after March 2015, moving from around 1.8 to over 3.5 by June 2016. The increase in P/S in the latter periods might indicate rising sales valuations or improved sales performance relative to price.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows variability across the reported quarters. Initially near 1.15, it experiences fluctuations around 1.0 through 2014 but then shows a sharp rise to 5.82 by March 2016 before settling in the high 2s by June 2016. This sharp increase suggests a significant revaluation relative to book value, possibly reflecting changes in asset valuation, investor sentiment, or company fundamentals.
Overall, the financial ratios suggest an expanding market valuation relative to earnings and operating profits up to 2014, followed by increased valuations relative to sales and book value in 2015 and 2016. The incomplete data for certain metrics beyond mid-2014 for P/E and P/OP limits detailed interpretation of subsequent trends. The abrupt changes in P/BV in the last reported periods merit further investigation to understand underlying causes such as asset revaluation, changes in equity structure, or market dynamics.
Price to Earnings (P/E)
Apache Corp., historical P/E calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 379,423,069 | 378,533,597 | 378,297,784 | 378,014,176 | 377,987,486 | 377,094,714 | 376,823,368 | 376,482,179 | 382,473,038 | 385,705,416 | 394,724,983 | 399,236,209 | 389,422,942 | 391,856,428 | 391,758,883 | 391,283,519 | 391,215,367 | 390,833,091 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to common stock (in millions) | (244) | (372) | (7,213) | (5,655) | (5,600) | (4,651) | (4,814) | (1,330) | 505) | 236) | 174) | 300) | 1,016) | 698) | 649) | 161) | 337) | 778) | ||||||
| Earnings per share (EPS)2 | -35.54 | -49.77 | -61.11 | -54.81 | -43.37 | -27.29 | -14.34 | -1.10 | 3.18 | 4.47 | 5.54 | 6.67 | 6.48 | 4.71 | 4.91 | 6.25 | 8.35 | 10.67 | ||||||
| Share price1, 3 | 50.18 | 53.84 | 39.47 | 47.67 | 46.11 | 65.54 | 65.84 | 75.44 | 100.38 | 88.89 | 79.29 | 89.80 | 82.26 | 81.47 | 73.75 | 79.89 | 88.03 | 87.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | — | — | — | — | — | — | — | — | 31.60 | 19.86 | 14.30 | 13.46 | 12.69 | 17.30 | 15.01 | 12.78 | 10.54 | 8.21 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
EPS
= (Net income (loss) attributable to common stockQ2 2016
+ Net income (loss) attributable to common stockQ1 2016
+ Net income (loss) attributable to common stockQ4 2015
+ Net income (loss) attributable to common stockQ3 2015)
÷ No. shares of common stock outstanding
= (-244,000,000 + -372,000,000 + -7,213,000,000 + -5,655,000,000)
÷ 379,423,069 = -35.54
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/E ratio = Share price ÷ EPS
= 50.18 ÷ -35.54 = —
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed a fluctuating pattern over the analyzed periods. Initially, it started at $87.58 and reached a slight peak near $89.80 around September 2013. Subsequently, a downward trend emerged from late 2013 into 2015, with prices dropping significantly to a low near $39.47 by December 2015. After this, a mild recovery materialized, with the price increasing to approximately $53.84 by March 2016, followed by a slight decline to $50.18 by June 2016.
- Earnings per Share (EPS) Analysis
- EPS demonstrated a clear declining trajectory throughout the period. Starting from a high of $10.67 in March 2012, the EPS consistently decreased with occasional minor upticks around mid-2013. After June 2014, the figures turned negative, indicating losses, and the negative values deepened progressively, reaching a nadir of approximately -$61.11 in December 2015. By mid-2016, there was a slight improvement, yet EPS remained negative at around -$35.54.
- Price-to-Earnings (P/E) Ratio Observations
- The P/E ratio showed an increasing trend up to mid-2014, rising from about 8.21 in early 2012 to a peak above 31.6 in June 2014. After this point, P/E ratios are not reported, likely due to the transitioning of EPS into negative territory, which typically renders the P/E ratio undefined or less meaningful for valuation purposes.
- Overall Insights
- The data reflects a period of deteriorating profitability as evidenced by sharply declining EPS transitioning into losses. Correspondingly, the share price experienced volatility with an overall downward trend, particularly pronounced during phases of intensified negative earnings. The rising P/E ratio preceding the losses suggests that the market initially maintained high price expectations relative to earnings, but the eventual collapse in profitability likely diminished the relevance of this valuation metric. Recent modest recoveries in share price and EPS, though still negative, may indicate a potential stabilization phase.
Price to Operating Profit (P/OP)
Apache Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 379,423,069 | 378,533,597 | 378,297,784 | 378,014,176 | 377,987,486 | 377,094,714 | 376,823,368 | 376,482,179 | 382,473,038 | 385,705,416 | 394,724,983 | 399,236,209 | 389,422,942 | 391,856,428 | 391,758,883 | 391,283,519 | 391,215,367 | 390,833,091 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | (173) | (273) | (8,650) | (6,159) | (5,654) | (7,447) | (5,096) | (448) | 1,238) | 1,428) | 913) | 957) | 1,425) | 1,443) | 1,683) | 867) | 840) | 1,521) | ||||||
| Operating profit per share2 | -40.21 | -54.78 | -73.78 | -64.43 | -49.33 | -31.17 | -7.64 | 8.32 | 11.86 | 12.25 | 12.00 | 13.80 | 13.91 | 12.33 | 12.54 | 13.29 | 16.41 | 19.88 | ||||||
| Share price1, 3 | 50.18 | 53.84 | 39.47 | 47.67 | 46.11 | 65.54 | 65.84 | 75.44 | 100.38 | 88.89 | 79.29 | 89.80 | 82.26 | 81.47 | 73.75 | 79.89 | 88.03 | 87.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | — | — | — | — | — | — | — | 9.07 | 8.46 | 7.26 | 6.61 | 6.51 | 5.91 | 6.61 | 5.88 | 6.01 | 5.36 | 4.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Operating profit per share
= (Operating income (loss)Q2 2016
+ Operating income (loss)Q1 2016
+ Operating income (loss)Q4 2015
+ Operating income (loss)Q3 2015)
÷ No. shares of common stock outstanding
= (-173,000,000 + -273,000,000 + -8,650,000,000 + -6,159,000,000)
÷ 379,423,069 = -40.21
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 50.18 ÷ -40.21 = —
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced notable volatility over the observed periods. Starting at $87.58 in early 2012, the price maintained relative stability through 2012 and the first half of 2013, fluctuating between approximately $73.75 and $89.80. In 2014, the share price showed increased variation, reaching a peak of $100.38 in mid-year before declining steadily in the latter part of the year. The downward trend continued significantly through 2015, with the price dropping to a low of $39.47 by the end of that year. In early 2016, a moderate recovery is evident, with the price rising to $53.84 by the first quarter and slightly declining to $50.18 by mid-year.
- Operating Profit Per Share
- Operating profit per share demonstrated a clear declining trajectory throughout the period. Initial values in 2012 start at $19.88 and progressively decrease each quarter, reaching nearly flat levels around $12 in late 2012 and early 2013. A significant downturn occurred in 2014, where profitability shifted into negative territory starting in the last quarter with -$7.64, followed by increasingly negative figures into 2015 and the first half of 2016, hitting a low of -$73.78 at the end of 2015 and partially recovering to -$40.21 by mid-2016.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibits an increasing trend during the periods it was reported, starting at 4.41 in the first quarter of 2012 and rising to 9.07 by the third quarter of 2014. This upward movement suggests that the share price did not decline as steeply as operating profit per share during this time or potentially even appreciated, thereby reflecting higher valuation multiples relative to profitability. Notably, the ratio values stop being reported as operating profits turned negative, reflecting the inapplicability of this metric when profitability is below zero.
- Overall Insights
- The combined data reveals deteriorating profitability over the examined timeframe paired with significant stock price volatility. The sharp decline in operating profit per share, culminating in consistent losses from late 2014 onward, points to operational challenges or adverse market conditions. Stock prices mirrored these difficulties particularly from mid-2014, but the partial price recovery in early 2016 contrasts with continuing negative operating profits, indicating market factors or expectations influencing equity valuation independently of current profitability. The expanding P/OP ratio prior to the loss periods indicates a progressively higher market valuation multiple relative to earnings, possibly reflecting investor optimism or anticipation of future improvements before profitability declined sharply.
Price to Sales (P/S)
Apache Corp., historical P/S calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 379,423,069 | 378,533,597 | 378,297,784 | 378,014,176 | 377,987,486 | 377,094,714 | 376,823,368 | 376,482,179 | 382,473,038 | 385,705,416 | 394,724,983 | 399,236,209 | 389,422,942 | 391,856,428 | 391,758,883 | 391,283,519 | 391,215,367 | 390,833,091 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Oil and gas production revenues (in millions) | 1,386) | 1,087) | 1,221) | 1,572) | 1,952) | 1,638) | 2,926) | 3,468) | 3,708) | 3,647) | 3,728) | 4,409) | 4,119) | 4,146) | 4,393) | 4,141) | 3,956) | 4,457) | ||||||
| Sales per share2 | 13.88 | 15.41 | 16.87 | 21.40 | 26.41 | 31.13 | 36.49 | 38.65 | 40.50 | 41.23 | 41.55 | 42.75 | 43.14 | 42.45 | 43.26 | 43.06 | 43.43 | 44.49 | ||||||
| Share price1, 3 | 50.18 | 53.84 | 39.47 | 47.67 | 46.11 | 65.54 | 65.84 | 75.44 | 100.38 | 88.89 | 79.29 | 89.80 | 82.26 | 81.47 | 73.75 | 79.89 | 88.03 | 87.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 3.62 | 3.49 | 2.34 | 2.23 | 1.75 | 2.11 | 1.80 | 1.95 | 2.48 | 2.16 | 1.91 | 2.10 | 1.91 | 1.92 | 1.70 | 1.86 | 2.03 | 1.97 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Sales per share
= (Oil and gas production revenuesQ2 2016
+ Oil and gas production revenuesQ1 2016
+ Oil and gas production revenuesQ4 2015
+ Oil and gas production revenuesQ3 2015)
÷ No. shares of common stock outstanding
= (1,386,000,000 + 1,087,000,000 + 1,221,000,000 + 1,572,000,000)
÷ 379,423,069 = 13.88
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= 50.18 ÷ 13.88 = 3.62
5 Click competitor name to see calculations.
The analysis of the quarterly financial trends over the observed periods reveals several notable patterns in share price, sales per share, and price-to-sales (P/S) ratio.
- Share Price
- The share price exhibits significant fluctuations across the analyzed quarters. Beginning at a high level near $87.58, the price shows a downward trend toward the end of 2012, reaching approximately $73.75. The price rebounds somewhat throughout 2013, peaking near $89.80 in September, but then declines steadily through the end of 2014 and most of 2015. The lowest points are observed in the latter part of 2015, with prices dropping below $40. In 2016, a mild recovery is noted, with the price increasing to roughly $53.84 in March before settling near $50.18 in June.
- Sales Per Share
- A consistently declining trend is evident in sales per share over the entire timeframe. Initially, sales per share are around $44.49 but gradually decrease each quarter, falling to approximately $13.88 by mid-2016. This continuous reduction suggests either decreasing sales volume, revenue challenges, or potentially changes in share structure diluting sales figures on a per-share basis.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrates notable variability, reflecting the combined dynamics of share price and sales per share. Early in the period, the ratio ranges between roughly 1.7 and 2.1, showing moderate stability. However, from 2014 onwards, the P/S ratio increases, reaching approximately 3.62 by mid-2016. This rise indicates that despite the falling sales per share, the share price is not decreasing proportionally; in fact, relative valuation multiples are expanding. Such a divergence may imply investor expectations of future growth or market conditions favoring higher valuation multiples despite declining underlying sales.
Overall, the data points to a challenging sales environment as reflected in the steady decline of sales per share. The share price, while volatile, does not decline uniformly with sales, leading to an increased price-to-sales ratio in later periods. This divergence merits closer attention to the factors driving investor sentiment and valuation perspectives in the context of weakening sales performance.
Price to Book Value (P/BV)
Apache Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 379,423,069 | 378,533,597 | 378,297,784 | 378,014,176 | 377,987,486 | 377,094,714 | 376,823,368 | 376,482,179 | 382,473,038 | 385,705,416 | 394,724,983 | 399,236,209 | 389,422,942 | 391,856,428 | 391,758,883 | 391,283,519 | 391,215,367 | 390,833,091 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Apache shareholders’ equity (in millions) | 7,142) | 7,451) | 2,566) | 9,809) | 15,544) | 21,211) | 25,937) | 30,818) | 32,755) | 33,082) | 33,396) | 32,981) | 32,721) | 31,987) | 31,331) | 30,714) | 30,673) | 29,715) | ||||||
| Book value per share (BVPS)2 | 18.82 | 19.68 | 6.78 | 25.95 | 41.12 | 56.25 | 68.83 | 81.86 | 85.64 | 85.77 | 84.61 | 82.61 | 84.02 | 81.63 | 79.98 | 78.50 | 78.40 | 76.03 | ||||||
| Share price1, 3 | 50.18 | 53.84 | 39.47 | 47.67 | 46.11 | 65.54 | 65.84 | 75.44 | 100.38 | 88.89 | 79.29 | 89.80 | 82.26 | 81.47 | 73.75 | 79.89 | 88.03 | 87.58 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 2.67 | 2.74 | 5.82 | 1.84 | 1.12 | 1.17 | 0.96 | 0.92 | 1.17 | 1.04 | 0.94 | 1.09 | 0.98 | 1.00 | 0.92 | 1.02 | 1.12 | 1.15 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
BVPS = Total Apache shareholders’ equity ÷ No. shares of common stock outstanding
= 7,142,000,000 ÷ 379,423,069 = 18.82
3 Closing price as at the filing date of Apache Corp. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= 50.18 ÷ 18.82 = 2.67
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited moderate fluctuations from early 2012 through mid-2014, generally ranging between approximately $65 and $100. Notably, the price peaked at $100.38 in mid-2014 before entering a declining phase. From late 2014 onward, the share price showed a significant downward trend, reaching a low of $39.47 by the end of 2015. The later quarters up to mid-2016 displayed some recovery, with prices climbing back to the low $50 range, but remained well below the prior highs.
- Book Value Per Share (BVPS) Trend
- The book value per share increased gradually from around $76 in early 2012 to a peak near $86 in late 2013 and early 2014. From this point, there was a marked and continuous decline through 2015, descending sharply to $6.78 by the end of 2015. This decline was partially offset in early 2016, with BVPS rising to approximately $19 by mid-2016, yet still significantly below the levels observed before 2014.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio started slightly above 1.0 in early 2012, dropping below parity during several quarters in 2012 and 2013, indicating that the share price was at times trading below the book value. The ratio fluctuated between approximately 0.9 and 1.17 until mid-2015. A sharp spike was observed at the end of 2015, where the P/BV ratio surged to 5.82, coinciding with a precipitous fall in book value that was not equally reflected in share price. In 2016, the ratio moderated but remained elevated at around 2.7, suggesting the market valued the shares at a considerable premium compared to their book value during this period.
- Overall Observations
- The data indicate a period of stability followed by volatility and decline in fundamental metrics beginning around 2014. The deterioration of book value was more severe relative to the decline in share price, leading to an atypical increase in the P/BV ratio. This suggests market perceptions or external factors may have influenced the share price, decoupling it from the accounting fundamentals during the latter periods. The partial recovery in both share price and BVPS during early 2016 implies some positive developments or adjustments after a challenging period.