APA (NASDAQ:APA) Announces Earnings Results

APA (NASDAQ:APA) posted its quarterly earnings data on Wednesday. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01), Zacks reports. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.46 billion. APA had a return on equity of 20.70% and a net margin of 17.38%.During the same quarter in the prior year, the firm earned $0.87 earnings per share.

APA Stock Performance

Shares of NASDAQ APA opened at $34.66 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $35.10 and its two-hundred day moving average price is $34.59. APA has a 52-week low of $17.86 and a 52-week high of $45.66. The stock has a market capitalization of $12.25 billion, a P/E ratio of 8.08 and a beta of 0.35.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Wednesday, July 22nd will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 22nd. This represents a $1.00 annualized dividend and a yield of 2.9%. APA’s dividend payout ratio is 23.31%.

Insider Buying and Selling

In other news, VP Mark D. Maddox sold 9,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the transaction, the vice president directly owned 66,810 shares of the company’s stock, valued at approximately $2,675,072.40. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On APA

Large investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC lifted its holdings in APA by 115.1% in the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock valued at $32,000 after acquiring an additional 710 shares during the last quarter. Virtus Advisers LLC purchased a new stake in APA in the 3rd quarter worth about $57,000. Sunbelt Securities Inc. boosted its position in APA by 54.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 4,389 shares of the company’s stock worth $107,000 after acquiring an additional 1,550 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of APA by 27.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,418 shares of the company’s stock valued at $108,000 after purchasing an additional 953 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of APA during the 4th quarter valued at $123,000. 83.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APA has been the topic of a number of recent analyst reports. Raymond James Financial cut their target price on shares of APA from $57.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Citigroup reiterated a “neutral” rating on shares of APA in a research note on Tuesday, July 21st. Scotiabank boosted their price objective on APA from $26.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Sanford C. Bernstein upped their price objective on APA from $37.00 to $40.00 and gave the company a “market perform” rating in a research note on Wednesday, May 20th. Finally, Susquehanna reduced their target price on APA from $47.00 to $45.00 and set a “positive” rating on the stock in a report on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, APA presently has an average rating of “Hold” and an average price target of $40.35.

APA Company Profile

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.