North Dakota State Investment Board raised its stake in APA Corporation (NASDAQ:APA – Free Report) by 272.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,891 shares of the company’s stock after buying an additional 28,457 shares during the period. North Dakota State Investment Board’s holdings in APA were worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. Hollencrest Capital Management increased its position in shares of APA by 520.8% during the first quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares during the period. Cedar Mountain Advisors LLC bought a new stake in shares of APA during the first quarter valued at approximately $28,000. MidFirst Bank bought a new stake in shares of APA during the second quarter valued at approximately $33,000. Compass Financial Management LLC purchased a new stake in shares of APA in the second quarter valued at approximately $33,000. Finally, Gables Capital Management Inc. purchased a new stake in shares of APA in the second quarter valued at approximately $36,000. 83.01% of the stock is owned by hedge funds and other institutional investors.
APA Stock Up 2.5%
APA stock opened at $52.82 on Friday. The business has a fifty day moving average of $45.55 and a two-hundred day moving average of $37.58. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. The firm has a market cap of $18.51 billion, a P/E ratio of 11.17, a P/E/G ratio of 0.80 and a beta of 0.42. APA Corporation has a twelve month low of $21.63 and a twelve month high of $52.96.
APA (NASDAQ:APA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the prior year, the business posted $0.87 earnings per share. On average, analysts forecast that APA Corporation will post 6.46 earnings per share for the current fiscal year.
APA declared that its board has initiated a stock repurchase plan on Wednesday, September 16th that authorizes the company to buy back 40,000,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
APA Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, October 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 22nd. APA’s dividend payout ratio is 21.14%.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. Barclays dropped their price objective on APA from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Mizuho lifted their target price on APA from $36.00 to $44.00 and gave the company an “underperform” rating in a research report on Thursday, October 15th. The Goldman Sachs Group reiterated a “sell” rating and issued a $43.00 target price on shares of APA in a report on Monday, September 7th. Seaport Research Partners assumed coverage on APA in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Finally, Argus raised APA from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have issued a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, APA currently has an average rating of “Hold” and a consensus price target of $44.76.
Read Our Latest Stock Analysis on APA
About APA
APA Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s activities include identifying hydrocarbon resources, drilling and completing wells, operating producing properties, and managing related infrastructure.
APA’s principal producing areas include the Permian Basin in the United States and Egypt’s Western Desert, where it operates through joint ventures with the Egyptian General Petroleum Corporation.
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