Apache Co. (NYSE:APA) shares fell 9.3% during mid-day trading on Wednesday . The company traded as low as $11.10 and last traded at $11.10. 10,259,933 shares changed hands during trading, a decline of 28% from the average session volume of 14,158,685 shares. The stock had previously closed at $12.24.
A number of brokerages have recently issued reports on APA. Citigroup raised shares of Apache from a “neutral” rating to a “buy” rating and boosted their target price for the company from $13.00 to $18.00 in a research note on Monday, June 15th. JPMorgan Chase & Co. upgraded Apache from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $14.51 to $18.00 in a report on Thursday, July 23rd. UBS Group lifted their price objective on Apache from $4.50 to $15.00 and gave the company a “neutral” rating in a report on Monday, June 29th. Raymond James restated a “buy” rating on shares of Apache in a report on Thursday, August 6th. Finally, Barclays lifted their price objective on Apache from $8.00 to $13.00 and gave the company an “equal weight” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.10.
The firm has a market capitalization of $4.11 billion, a P/E ratio of -0.52 and a beta of 4.65. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s fifty day simple moving average is $14.16 and its 200 day simple moving average is $12.04.
Apache (NYSE:APA) last announced its earnings results on Wednesday, July 29th. The energy company reported ($0.74) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.01) by $0.27. The business had revenue of $752.00 million during the quarter, compared to the consensus estimate of $708.60 million. Apache had a negative net margin of 131.89% and a negative return on equity of 1.72%. The firm’s revenue was down 53.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 earnings per share. As a group, sell-side analysts forecast that Apache Co. will post -2.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Thursday, October 22nd will be issued a $0.025 dividend. The ex-dividend date is Wednesday, October 21st. This represents a $0.10 dividend on an annualized basis and a yield of 0.92%.
Several hedge funds have recently modified their holdings of the company. Two Sigma Securities LLC purchased a new stake in shares of Apache during the second quarter worth about $219,000. Principal Financial Group Inc. grew its stake in shares of Apache by 4.2% during the second quarter. Principal Financial Group Inc. now owns 568,852 shares of the energy company’s stock worth $7,680,000 after acquiring an additional 22,687 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Apache during the second quarter worth about $275,000. ArrowMark Colorado Holdings LLC grew its stake in shares of Apache by 198.0% during the second quarter. ArrowMark Colorado Holdings LLC now owns 546,000 shares of the energy company’s stock worth $7,371,000 after acquiring an additional 362,769 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Apache by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,543,319 shares of the energy company’s stock worth $47,835,000 after acquiring an additional 35,356 shares during the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.
About Apache (NYSE:APA)
Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs). The company has operations in onshore assets located in the Permian and Midcontinent/Gulf Coast onshore regions; and offshore assets situated in the Gulf of Mexico region.
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