APA (NASDAQ:APA) Shares Down 3.1% Following Analyst Downgrade

APA Co. (NASDAQ:APA)’s share price fell 3.1% during trading on Monday after Wells Fargo & Company lowered their price target on the stock from $23.00 to $20.00. Wells Fargo & Company currently has an equal weight rating on the stock. APA traded as low as $20.29 and last traded at $20.36. 2,355,633 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 7,056,188 shares. The stock had previously closed at $21.01.

A number of other research firms have also recently issued reports on APA. Morgan Stanley increased their price target on APA from $20.00 to $21.00 and gave the stock an “underweight” rating in a report on Friday, May 23rd. Mizuho lowered their price target on APA from $20.00 to $19.00 and set an “underperform” rating for the company in a research report on Tuesday, May 13th. Argus raised APA to a “hold” rating in a research report on Friday, May 16th. Piper Sandler reduced their price objective on APA from $22.00 to $19.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Citigroup lifted their price objective on APA from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.72.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in APA. Geode Capital Management LLC grew its stake in APA by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 9,507,956 shares of the company’s stock worth $219,016,000 after buying an additional 200,770 shares during the last quarter. US Bancorp DE raised its holdings in APA by 2.2% in the 4th quarter. US Bancorp DE now owns 47,719 shares of the company’s stock worth $1,102,000 after purchasing an additional 1,010 shares during the period. New York State Teachers Retirement System raised its holdings in APA by 7.7% in the 4th quarter. New York State Teachers Retirement System now owns 400,409 shares of the company’s stock worth $9,245,000 after purchasing an additional 28,664 shares during the period. D.A. Davidson & CO. acquired a new position in APA in the 4th quarter worth about $487,000. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of APA by 104.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 45,171 shares of the company’s stock valued at $1,043,000 after acquiring an additional 23,027 shares during the last quarter. 83.01% of the stock is owned by institutional investors.

APA Stock Down 2.7%

The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 2.88 and a beta of 1.25. The business’s 50-day moving average is $16.88 and its two-hundred day moving average is $20.04.

APA (NASDAQ:APA) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.83 by $0.23. APA had a return on equity of 27.86% and a net margin of 24.36%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period last year, the business posted $0.78 earnings per share. The company’s quarterly revenue was up 35.1% on a year-over-year basis. Equities analysts anticipate that APA Co. will post 4.03 EPS for the current year.

APA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Tuesday, July 22nd will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, July 22nd. This represents a $1.00 annualized dividend and a dividend yield of 4.89%. APA’s dividend payout ratio (DPR) is 35.97%.

About APA

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.