APA -1.23%: shares edged higher today after falling initially on a result that was inline with expectations while they maintained guidance. 1H24 earnings (EBITDA) of $840m was solid as was the 26.5cps dividend. The regulated utility said they were on track to deliver full-year underlying Ebitda of $1.87-1.91bn versus the current consensus of $1.876bn, along with a FY24 dividend of 56cps, putting it on a 6.8% yield.
- A steady result with no surprises – we continue to think APA represents great value at current levels for more defensive, income focused investors.
MM remains long APA in the Income Portfolio
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