Meritage Portfolio Management Reduces Stock Position in APA Co. (NASDAQ:APA)

Meritage Portfolio Management lessened its holdings in APA Co. (NASDAQ:APA) by 58.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,321 shares of the company’s stock after selling 189,136 shares during the quarter. Meritage Portfolio Management’s holdings in APA were worth $4,891,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of APA. Vanguard Group Inc. grew its holdings in shares of APA by 5.0% during the third quarter. Vanguard Group Inc. now owns 41,719,129 shares of the company’s stock worth $1,714,656,000 after purchasing an additional 2,003,862 shares during the last quarter. Smead Capital Management Inc. lifted its position in shares of APA by 13.6% during the 4th quarter. Smead Capital Management Inc. now owns 5,235,957 shares of the company’s stock valued at $187,866,000 after acquiring an additional 626,460 shares during the period. Clearbridge Investments LLC lifted its position in shares of APA by 1.9% during the 3rd quarter. Clearbridge Investments LLC now owns 2,815,109 shares of the company’s stock valued at $115,701,000 after acquiring an additional 53,241 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of APA by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,531,313 shares of the company’s stock valued at $104,037,000 after acquiring an additional 24,182 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of APA by 130.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,534,209 shares of the company’s stock valued at $63,037,000 after acquiring an additional 867,257 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Stock Performance

APA traded up $0.31 during trading on Thursday, hitting $32.36. The stock had a trading volume of 7,049,854 shares, compared to its average volume of 6,838,846. The firm has a market cap of $9.74 billion, a PE ratio of 3.45 and a beta of 3.27. APA Co. has a 12 month low of $29.47 and a 12 month high of $46.15. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.41. The company has a 50 day simple moving average of $32.51 and a 200-day simple moving average of $34.52.

APA (NASDAQ:APA) last announced its earnings results on Thursday, February 22nd. The company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.18). The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.07 billion. APA had a return on equity of 62.64% and a net margin of 34.95%. The business’s revenue was down 12.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.48 EPS. Analysts expect that APA Co. will post 5.03 EPS for the current year.

APA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Monday, April 22nd will be issued a $0.25 dividend. The ex-dividend date is Friday, April 19th. This represents a $1.00 annualized dividend and a yield of 3.09%. APA’s dividend payout ratio (DPR) is presently 10.78%.

Wall Street Analyst Weigh In

APA has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on shares of APA in a research note on Wednesday. They set an “overweight” rating and a $55.00 price objective for the company. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price objective on shares of APA in a research note on Monday, April 8th. StockNews.com raised shares of APA from a “hold” rating to a “buy” rating in a research note on Tuesday. Raymond James dropped their price objective on shares of APA from $44.00 to $43.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of APA from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, APA currently has a consensus rating of “Hold” and an average price target of $42.25.

APA Company Profile

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.