Franklin Resources Inc. Trims Holdings in Apache Co. (APA)
Franklin Resources Inc. cut its stake in Apache Co. (NYSE:APA) by 25.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,924,778 shares of the energy company’s stock after selling 3,318,177 shares during the period. Franklin Resources Inc.’s holdings in Apache were worth $419,063,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of APA. Steward Partners Investment Advisory LLC bought a new stake in Apache in the 3rd quarter valued at $134,000. Valeo Financial Advisors LLC bought a new stake in Apache in the 3rd quarter valued at $135,000. Pinebridge Investments L.P. boosted its holdings in Apache by 176.1% in the 4th quarter. Pinebridge Investments L.P. now owns 3,495 shares of the energy company’s stock valued at $148,000 after purchasing an additional 2,229 shares during the period. Deprince Race & Zollo Inc. bought a new stake in Apache in the 3rd quarter valued at $206,000. Finally, SevenBridge Financial Group LLC boosted its holdings in Apache by 83.3% in the 3rd quarter. SevenBridge Financial Group LLC now owns 4,551 shares of the energy company’s stock valued at $208,000 after purchasing an additional 2,068 shares during the period. 95.17% of the stock is owned by hedge funds and other institutional investors.
Apache Co. (APA) opened at $35.32 on Friday. Apache Co. has a 1-year low of $33.60 and a 1-year high of $54.64. The stock has a market cap of $13,472.74, a PE ratio of 10.36, a P/E/G ratio of 3.23 and a beta of 1.25. The company has a current ratio of 1.45, a quick ratio of 1.31 and a debt-to-equity ratio of 0.90.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 22nd. Investors of record on Monday, April 23rd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Friday, April 20th. Apache’s dividend payout ratio is currently 29.33%.
A number of research firms have recently commented on APA. Citigroup reduced their price objective on shares of Apache from $46.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Barclays raised their price objective on shares of Apache from $26.00 to $30.00 and gave the stock an “underweight” rating in a report on Monday, November 20th. Mitsubishi UFJ Financial Group raised shares of Apache from a “neutral” rating to an “overweight” rating in a report on Tuesday, February 27th. Royal Bank of Canada reaffirmed a “hold” rating and set a $45.00 price objective on shares of Apache in a report on Monday, March 5th. Finally, ValuEngine downgraded shares of Apache from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Ten analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. Apache presently has a consensus rating of “Hold” and a consensus target price of $43.06.
In related news, Director John E. Lowe acquired 2,500 shares of the stock in a transaction on Friday, March 2nd. The stock was purchased at an average price of $33.80 per share, for a total transaction of $84,500.00. Following the transaction, the director now owns 17,500 shares of the company’s stock, valued at approximately $591,500. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director John E. Lowe acquired 3,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was bought at an average price of $40.02 per share, with a total value of $120,060.00. Following the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $600,300. The disclosure for this purchase can be found here. Company insiders own 0.48% of the company’s stock.
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. The Company’s production segments include: the United States, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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