Sovereign s Capital Management LLC lessened its position in APA Corporation (NASDAQ:APA – Free Report) by 71.9% in the fourth quarter, HoldingsChannel reports. The fund owned 18,926 shares of the company’s stock after selling 48,445 shares during the quarter. Sovereign s Capital Management LLC’s holdings in APA were worth $463,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in APA. Goldman Sachs Group Inc. grew its stake in APA by 76.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company’s stock valued at $175,426,000 after acquiring an additional 3,117,032 shares during the period. AQR Capital Management LLC grew its stake in APA by 157.1% in the second quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company’s stock valued at $55,970,000 after acquiring an additional 1,869,891 shares during the period. Morgan Stanley grew its stake in APA by 21.8% in the fourth quarter. Morgan Stanley now owns 10,425,586 shares of the company’s stock valued at $255,010,000 after acquiring an additional 1,864,900 shares during the period. Dimensional Fund Advisors LP grew its stake in APA by 13.6% in the third quarter. Dimensional Fund Advisors LP now owns 14,030,230 shares of the company’s stock valued at $340,657,000 after acquiring an additional 1,674,739 shares during the period. Finally, Northern Trust Corp grew its stake in APA by 29.6% in the third quarter. Northern Trust Corp now owns 4,462,476 shares of the company’s stock valued at $108,349,000 after acquiring an additional 1,018,326 shares during the period. Institutional investors and hedge funds own 83.01% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on APA. Raymond James Financial raised their price objective on APA from $45.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Sanford C. Bernstein lifted their target price on APA from $37.00 to $40.00 and gave the company a “market perform” rating in a research report on Wednesday, May 20th. Jefferies Financial Group lifted their target price on APA from $26.00 to $36.00 and gave the company a “hold” rating in a research report on Monday, April 13th. Roth Mkm lifted their target price on APA from $27.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, Mizuho lifted their target price on APA from $32.00 to $36.00 and gave the company an “underperform” rating in a research report on Wednesday, May 27th. Eight analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, APA currently has a consensus rating of “Hold” and a consensus target price of $41.04.
APA Stock Down 1.5%
Shares of NASDAQ:APA opened at $34.26 on Wednesday. APA Corporation has a 12-month low of $17.74 and a 12-month high of $45.66. The business’s 50 day moving average is $38.02 and its 200 day moving average is $32.24. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 7.99 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58.
APA (NASDAQ:APA – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.27. APA had a return on equity of 20.70% and a net margin of 17.38%.The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company posted $1.06 earnings per share. APA’s quarterly revenue was down 11.7% on a year-over-year basis. On average, sell-side analysts forecast that APA Corporation will post 5.59 earnings per share for the current fiscal year.
APA Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Wednesday, July 22nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 annualized dividend and a yield of 2.9%. APA’s payout ratio is currently 23.31%.
Insiders Place Their Bets
In other APA news, VP Mark D. Maddox sold 9,800 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total value of $392,392.00. Following the transaction, the vice president owned 66,810 shares of the company’s stock, valued at approximately $2,675,072.40. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.73% of the company’s stock.
APA Company Profile
APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.
In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.
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