Apache Corp.'s (NYSE:APA) Volume Growth Estimate Cut by Barclays

Apache Corp.'s (NYSE:APA) volume growth estimate for 2011 was slashed by Barclays, citing lower production from the Gulf of Mexico.

Barclays says, "We are cutting estimated 2011 volume growth by 4% to 17% year over year...We are lowering our volume estimate to reflect GOM declines and the anticipated sale of -$1 billion of assets...APA trades at a 5.8x multiple of 2012E debt adjusted cash flow. This 16% discount to peers compares to a 5-year average discount of 8%. We believe a strong set of drilling opportunities will lead to multiple expansion and solid growth in 2012 and beyond."

Barclays reiterates an "Overweight" rating on Apache Corp. (APA), which closed Tuesday at $122.64, falling $1.28, or 1.03 percent. Barclays has a price target on Apache of $140.