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Apache (APA) Stock Down on Lower Oil Prices as Barclays Ups Price Target

NEW YORK (TheStreet) -- Shares of Apache (APA) were declining in early-afternoon trading on Tuesday as oil prices continue to retreat.

However, Barclays raised the Houston-based oil and natural gas company's price target to $58 from $50, citing its recently announced Texas oil field discovery.

Apache said last week that it had uncovered a new oil field in west Texas near the Davis Mountains called "Alpine High."

The firm noted that the market reacted positively to the discovery, considering it an "exciting" wet gas reservoir. Apache expects the field to be...