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Yes, I've been doing so, but not with Braveheart-grade ferocity and fervour.
I think it's merely an OK investment proposition; inflation-beating, yes, but not something that is going to return multiples of CPI.
Because while, at its current 6.7% DY, it might look very attractive in the context of the past 10 year history, the bulk of that period coincided with very low interest rates and bond-yields (for which APA is a proxy).
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So looking at the DY spreads over bond-yields (forget about the hatched, lighter-shaded 2020 and 2021 columns; they are greatly distorted by Covid monetary conditions), it appears to this little pilgrim that the stock is appropriately priced, maybe a tad cheap.
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Of course, if one is able to form a firm view that inflation is dead, which means that bond yields are going to pare back meaningfully (I am unable to pick a dog in the inflation fight), then, yeah, the stock is a strong buy... in other words, a reversal of the 2022 and early 2023 situation, when the share price was at record highs before yields started soaring.
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