Apache Corporation (NYSE:APA) Trading Down 1.4% Following Weak Earnings
Shares of Apache Corporation (NYSE:APA) were down 1.4% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $43.24 and last traded at $44.69, with a volume of 2,409,444 shares. The stock had previously closed at $44.06.
The energy company reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.22. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.41 billion. Apache Corporation had a negative return on equity of 1.27% and a negative net margin of 13.34%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.26) earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 22nd. Shareholders of record on Friday, July 21st will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 19th. This represents a $1.00 annualized dividend and a yield of 2.27%. Apache Corporation’s dividend payout ratio is presently -46.08%.
Several equities research analysts have recently weighed in on APA shares. Barclays PLC reaffirmed a “sell” rating and issued a $41.00 target price (down previously from $50.00) on shares of Apache Corporation in a research report on Thursday, April 20th. BMO Capital Markets set a $45.00 target price on Apache Corporation and gave the stock a “hold” rating in a research report on Monday, June 26th. Stifel Nicolaus started coverage on Apache Corporation in a research report on Friday, April 7th. They issued a “hold” rating and a $54.00 target price for the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $64.00 target price on shares of Apache Corporation in a research report on Friday, June 16th. Finally, Zacks Investment Research downgraded Apache Corporation from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 5th. Seven investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $56.39.
In other news, Director Rene R. Joyce acquired 10,000 shares of the business’s stock in a transaction on Monday, May 15th. The shares were purchased at an average price of $51.38 per share, for a total transaction of $513,800.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $513,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC boosted its stake in shares of Apache Corporation by 330.4% in the second quarter. Jennison Associates LLC now owns 66,809 shares of the energy company’s stock valued at $3,202,000 after buying an additional 51,286 shares during the last quarter. BB&T Securities LLC boosted its stake in shares of Apache Corporation by 29.5% in the second quarter. BB&T Securities LLC now owns 28,779 shares of the energy company’s stock valued at $1,379,000 after buying an additional 6,555 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Apache Corporation by 8.2% in the second quarter. Blair William & Co. IL now owns 62,299 shares of the energy company’s stock valued at $2,986,000 after buying an additional 4,705 shares during the last quarter. Pegasus Partners Ltd. purchased a new stake in shares of Apache Corporation during the second quarter valued at about $3,916,000. Finally, Addenda Capital Inc. purchased a new stake in shares of Apache Corporation during the second quarter valued at about $1,694,000. Hedge funds and other institutional investors own 94.38% of the company’s stock.
The stock’s market cap is $17.05 billion. The stock’s 50 day moving average is $47.96 and its 200 day moving average is $51.36.
Apache Corporation Company Profile
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. It has production in four segments: the United States, Canada, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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