APA (NASDAQ:APA – Get Free Report) had its price objective lifted by research analysts at Sanford C. Bernstein from $37.00 to $41.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Sanford C. Bernstein‘s target price would suggest a potential downside of 12.28% from the stock’s current price.
Several other analysts also recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of APA in a research report on Wednesday, September 9th. They issued a “buy” rating and a $62.00 price target for the company. Wells Fargo & Company upped their target price on shares of APA from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 14th. Scotiabank began coverage on shares of APA in a report on Wednesday, October 14th. They issued a “sector perform” rating and a $44.00 target price on the stock. Morgan Stanley raised their price target on shares of APA from $41.00 to $43.00 and gave the company an “underweight” rating in a research report on Thursday, October 15th. Finally, Truist Financial lifted their price target on APA from $45.00 to $50.00 and gave the company a “hold” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, APA presently has an average rating of “Hold” and an average target price of $45.17.
Read Our Latest Stock Analysis on APA
APA Stock Up 3.6%
Shares of NASDAQ APA opened at $46.74 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.41. The firm has a market cap of $15.69 billion, a PE ratio of 7.59, a P/E/G ratio of 0.68 and a beta of 0.29. The company’s fifty day simple moving average is $46.04 and its 200 day simple moving average is $38.37. APA has a 12-month low of $23.06 and a 12-month high of $52.96.
APA (NASDAQ:APA – Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.34. APA had a net margin of 23.08% and a return on equity of 28.34%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.48 billion. During the same period in the previous year, the firm posted $0.93 earnings per share. The business’s revenue was up 30.9% compared to the same quarter last year. As a group, sell-side analysts forecast that APA will post 6.61 earnings per share for the current fiscal year.
APA declared that its Board of Directors has approved a share repurchase plan on Wednesday, September 16th that permits the company to buy back 40,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Share buyback plans are usually a sign that the company’s board believes its stock is undervalued.
Institutional Trading of APA
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in APA in the 2nd quarter worth about $1,173,231,000. State Street Corp increased its holdings in APA by 1.5% during the 2nd quarter. State Street Corp now owns 25,181,423 shares of the company’s stock worth $820,159,000 after acquiring an additional 377,429 shares during the period. Dimensional Fund Advisors LP lifted its stake in APA by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,376,952 shares of the company’s stock worth $695,099,000 after purchasing an additional 1,055,016 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in APA by 1,726.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company’s stock worth $205,176,000 after purchasing an additional 4,569,779 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in APA by 55.0% in the 1st quarter. First Trust Advisors LP now owns 4,154,301 shares of the company’s stock worth $176,309,000 after purchasing an additional 1,473,626 shares in the last quarter. 83.01% of the stock is currently owned by institutional investors.
APA Company Profile
APA Corporation is an independent energy company that explores for, develops and produces crude oil, natural gas and natural gas liquids. Its activities include operating wells and related infrastructure, as well as evaluating and developing oil and natural gas resources. The company’s principal operating areas include the United States and Egypt. APA also has offshore exploration interests in Suriname, where it has worked with partners to assess resources in the region. APA traces its history to Apache Corporation, founded in 1954.
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