FormulaFolio Investments LLC Invests $724,000 in Apache Co. (NASDAQ:APA)
FormulaFolio Investments LLC acquired a new position in shares of Apache Co. (NASDAQ:APA) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 50,994 shares of the company’s stock, valued at approximately $724,000.
Several other institutional investors also recently bought and sold shares of APA. Wedge Capital Management L L P NC increased its holdings in Apache by 1,871.8% in the fourth quarter. Wedge Capital Management L L P NC now owns 2,964,341 shares of the company’s stock valued at $42,064,000 after buying an additional 2,814,003 shares during the last quarter. Morgan Stanley increased its holdings in Apache by 96.0% in the fourth quarter. Morgan Stanley now owns 2,959,223 shares of the company’s stock valued at $41,991,000 after buying an additional 1,449,472 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in Apache in the fourth quarter valued at $20,567,000. JPMorgan Chase & Co. increased its holdings in Apache by 463.4% in the third quarter. JPMorgan Chase & Co. now owns 1,396,059 shares of the company’s stock valued at $13,319,000 after buying an additional 1,148,263 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Apache by 152.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,292,157 shares of the company’s stock valued at $18,376,000 after buying an additional 779,980 shares during the last quarter. 82.52% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:APA opened at $18.02 on Thursday. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of -0.87 and a beta of 4.87. The firm’s fifty day simple moving average is $19.71 and its 200 day simple moving average is $15.93. Apache Co. has a twelve month low of $6.72 and a twelve month high of $23.85.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 21st. Investors of record on Thursday, April 22nd will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, April 21st.
In other news, CFO Stephen J. Riney sold 35,000 shares of the business’s stock in a transaction dated Thursday, March 18th. The shares were sold at an average price of $19.38, for a total value of $678,300.00. Following the completion of the sale, the chief financial officer now owns 106,268 shares of the company’s stock, valued at approximately $2,059,473.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Juliet S. Ellis bought 4,545 shares of the company’s stock in a transaction dated Friday, March 12th. The stock was bought at an average cost of $22.05 per share, with a total value of $100,217.25. Following the transaction, the director now directly owns 8,045 shares in the company, valued at approximately $177,392.25. The disclosure for this purchase can be found here. Insiders own 0.71% of the company’s stock.
APA has been the topic of several recent analyst reports. Truist Securities lowered Apache from a “buy” rating to a “hold” rating and dropped their target price for the company from $27.00 to $20.00 in a report on Tuesday, March 30th. Citigroup increased their target price on shares of Apache from $16.00 to $21.00 in a research note on Friday, January 15th. Raymond James upgraded shares of Apache from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $14.00 to $24.00 in a research note on Tuesday, January 26th. Sanford C. Bernstein reiterated a “market perform” rating and set a $20.00 target price on shares of Apache in a research note on Monday, March 8th. Finally, KeyCorp raised their price objective on shares of Apache from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Wednesday, March 17th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.43.
Apache Company Profile
Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs). It holds onshore conventional assets in Egypt's Western desert; and offshore assets in the North Sea region, including the United Kingdom. The company also has an offshore exploration program in Suriname.
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