Stock Traders Buy Large Volume of Put Options on APA (NASDAQ:APA)

APA Co. (NASDAQ:APA) saw some unusual options trading activity on Thursday. Traders acquired 53,064 put options on the stock. This represents an increase of approximately 181% compared to the typical volume of 18,910 put options.

APA Stock Up 0.5 %

Shares of APA traded up $0.15 during midday trading on Thursday, reaching $30.66. 1,545,958 shares of the stock were exchanged, compared to its average volume of 6,817,722. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 3.44 and a beta of 3.29. The firm has a 50 day simple moving average of $32.54 and a 200-day simple moving average of $33.80. APA has a 12-month low of $28.90 and a 12-month high of $46.15. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.42.

APA (NASDAQ:APA) last posted its earnings results on Thursday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.89 billion. APA had a net margin of 34.04% and a return on equity of 45.32%. APA’s revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.19 earnings per share. Research analysts forecast that APA will post 5.03 EPS for the current year.

Hedge Funds Weigh In On APA

Institutional investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. lifted its position in APA by 28.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 33,246 shares of the company’s stock worth $1,193,000 after acquiring an additional 7,461 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its holdings in shares of APA by 3.2% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 1,237,787 shares of the company’s stock worth $44,412,000 after buying an additional 38,505 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of APA in the 4th quarter worth approximately $95,000. AustralianSuper Pty Ltd increased its holdings in APA by 14.3% during the 4th quarter. AustralianSuper Pty Ltd now owns 726,126 shares of the company’s stock valued at $26,053,000 after purchasing an additional 90,610 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in APA by 1.0% in 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 purchasing an additional 24,182 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. StockNews.com lowered shares of APA from a “buy” rating to a “hold” rating in a research report on Saturday, May 4th. Mizuho cut their target price on APA from $34.00 to $32.00 and set an “underperform” rating on the stock in a research report on Thursday, May 2nd. Morgan Stanley reiterated an “underweight” rating and issued a $28.00 price target on shares of APA in a research report on Monday, April 15th. Scotiabank restated a “sector perform” rating and set a $37.00 price objective (down previously from $43.00) on shares of APA in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of APA from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.20.

About APA

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.