Zacks Investment Research Downgrades Apergy (NYSE:APY) to Sell

Apergy (NYSE:APY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Apergy Corporation provides engineered equipment and technologies. The company’s Production and Automation offerings consist of artificial lift equipment and solutions including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as a full automation offering consisting of equipment, software and Industrial Internet of Things solutions for downhole monitoring, wellsite productivity enhancement and asset integrity management. Apergy Corporation is based in United States. “

Several other equities research analysts also recently weighed in on the stock. Citigroup decreased their price target on shares of Apergy from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Wells Fargo & Co decreased their price target on shares of Apergy from $39.00 to $36.00 and set an “outperform” rating for the company in a research note on Thursday, September 12th. Piper Jaffray Companies downgraded shares of Apergy from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $36.00 to $27.00 in a research note on Thursday. Bank of America reaffirmed a “buy” rating and issued a $40.00 price target (down from $51.00) on shares of Apergy in a research note on Tuesday, June 25th. Finally, Barclays set a $39.00 price target on shares of Apergy and gave the company a “buy” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $39.20.

APY opened at $25.51 on Thursday. Apergy has a 1-year low of $23.62 and a 1-year high of $44.08. The company has a current ratio of 2.63, a quick ratio of 1.47 and a debt-to-equity ratio of 0.59. The company has a market cap of $1.86 billion, a P/E ratio of 17.19, a price-to-earnings-growth ratio of 1.44 and a beta of 2.29. The company has a fifty day moving average price of $27.02 and a two-hundred day moving average price of $32.56.

Apergy (NYSE:APY) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Apergy had a net margin of 7.60% and a return on equity of 10.86%. The firm had revenue of $306.05 million during the quarter, compared to the consensus estimate of $310.64 million. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, research analysts forecast that Apergy will post 1.35 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. grew its holdings in shares of Apergy by 136.0% during the second quarter. Meeder Asset Management Inc. now owns 925 shares of the company’s stock valued at $31,000 after buying an additional 533 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Apergy during the second quarter valued at about $35,000. Phocas Financial Corp. acquired a new position in shares of Apergy during the second quarter valued at about $37,000. NumerixS Investment Technologies Inc acquired a new position in shares of Apergy during the second quarter valued at about $47,000. Finally, Sun Life Financial INC acquired a new position in shares of Apergy during the second quarter valued at about $86,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

About Apergy

Apergy Corporation provides engineered equipment and technologies that help companies drill for and produce oil and gas worldwide. The company operates through two segments, Production & Automation Technologies and Drilling Technologies. The Production & Automation Technologies segment offers artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps, and drive systems and plunger lifts; and automation and digital equipment, software, and industrial Internet of things solutions for downhole monitoring, wellsite productivity enhancement, and asset integrity management.

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