APA (NASDAQ:APA) Shares Gap Down – Here’s What Happened

APA Corporation (NASDAQ:APA) shares gapped down before the market opened on Wednesday . The stock had previously closed at $42.96, but opened at $36.98. APA shares last traded at $38.30, with a volume of 5,313,720 shares.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of APA in a research report on Monday, December 29th. Susquehanna boosted their price target on APA from $32.00 to $37.00 and gave the company a “positive” rating in a research report on Tuesday, March 3rd. Benchmark boosted their price target on APA from $33.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Morgan Stanley boosted their price target on APA from $22.00 to $43.00 and gave the company an “underweight” rating in a research report on Friday, March 27th. Finally, Stephens boosted their price target on APA from $24.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 31st. Seven analysts have rated the stock with a Buy rating, twenty have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $36.54.

APA Price Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82. The company has a 50-day simple moving average of $33.05 and a 200-day simple moving average of $27.47. The company has a market cap of $13.54 billion, a price-to-earnings ratio of 9.62 and a beta of 0.49.

APA (NASDAQ:APA) last released its earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.29. APA had a return on equity of 19.89% and a net margin of 15.55%.The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s quarterly revenue was down 26.6% on a year-over-year basis. As a group, research analysts predict that APA Corporation will post 4.03 earnings per share for the current year.

APA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Wednesday, April 22nd will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, April 22nd. This represents a $1.00 annualized dividend and a yield of 2.6%. APA’s payout ratio is presently 25.06%.

Insider Transactions at APA

In other APA news, Director Matthew Regis Bob sold 23,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the transaction, the director owned 6,634 shares in the company, valued at approximately $240,349.82. The trade was a 77.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On APA

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deseret Mutual Benefit Administrators increased its position in APA by 276.7% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after purchasing an additional 891 shares during the period. Summit Securities Group LLC increased its position in APA by 115.1% during the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock worth $32,000 after purchasing an additional 710 shares during the period. Atlantic Union Bankshares Corp acquired a new position in APA during the 3rd quarter worth approximately $34,000. Camelot Portfolios LLC acquired a new position in APA during the 4th quarter worth approximately $37,000. Finally, Spire Wealth Management increased its position in APA by 179.6% during the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after purchasing an additional 977 shares during the period. Institutional investors and hedge funds own 83.01% of the company’s stock.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.