NewEdge Wealth LLC Acquires 35,624 Shares of APA Corporation $APA

NewEdge Wealth LLC lifted its holdings in shares of APA Corporation (NASDAQ:APA) by 135.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,939 shares of the company’s stock after purchasing an additional 35,624 shares during the quarter. NewEdge Wealth LLC’s holdings in APA were worth $1,515,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Deseret Mutual Benefit Administrators boosted its holdings in APA by 276.7% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after purchasing an additional 891 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in APA during the third quarter valued at about $34,000. Camelot Portfolios LLC acquired a new stake in shares of APA in the fourth quarter worth about $37,000. Spire Wealth Management lifted its position in shares of APA by 179.6% in the third quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after buying an additional 977 shares during the last quarter. Finally, Community Bank N.A. bought a new position in shares of APA in the 3rd quarter valued at approximately $43,000. Institutional investors own 83.01% of the company’s stock.

APA Trading Down 0.3%

Shares of APA stock opened at $36.97 on Thursday. APA Corporation has a 1 year low of $16.15 and a 1 year high of $45.66. The company’s fifty day simple moving average is $37.90 and its 200-day simple moving average is $29.87. The company has a market cap of $13.07 billion, a price-to-earnings ratio of 8.62 and a beta of 0.38. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58.

APA (NASDAQ:APA) last released its earnings results on Wednesday, May 6th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the company earned $1.06 EPS. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. As a group, sell-side analysts expect that APA Corporation will post 5.38 EPS for the current year.

Insider Activity at APA

In related news, Director Matthew Regis Bob sold 23,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total value of $833,290.00. Following the completion of the sale, the director owned 6,634 shares in the company, valued at approximately $240,349.82. This trade represents a 77.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on APA. Mizuho boosted their target price on APA from $29.00 to $32.00 and gave the stock an “underperform” rating in a report on Thursday, May 7th. BMO Capital Markets dropped their price target on shares of APA from $47.00 to $45.00 and set a “market perform” rating on the stock in a research report on Wednesday. Evercore boosted their price objective on shares of APA from $25.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 24th. JPMorgan Chase & Co. upped their price objective on shares of APA from $38.00 to $41.00 in a report on Friday, May 8th. Finally, Raymond James Financial raised their target price on shares of APA from $31.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.81.

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.