APA (NASDAQ:APA) Sets New 1-Year High – Time to Buy?

APA Corporation (NASDAQ:APA) shares hit a new 52-week high on Monday. The company traded as high as $49.53 and last traded at $49.3130, with a volume of 431,269 shares trading hands. The stock had previously closed at $49.15.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of APA from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. KeyCorp set a $46.00 target price on shares of APA in a report on Wednesday, August 12th. Seaport Research Partners assumed coverage on APA in a research report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Barclays decreased their price target on APA from $41.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Finally, Roth Capital set a $39.00 price target on APA in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $44.38.

APA Stock Up 0.1%

The business’s fifty day moving average is $43.72 and its two-hundred day moving average is $39.20. The stock has a market cap of $17.23 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.82 and a beta of 0.42. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47.

APA (NASDAQ:APA) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.01). The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%. During the same period in the prior year, the company posted $0.87 EPS. Equities analysts forecast that APA Corporation will post 6.00 earnings per share for the current fiscal year.

APA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, October 22nd will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. APA’s payout ratio is currently 21.14%.

APA declared that its board has approved a stock repurchase program on Wednesday, September 16th that permits the company to repurchase 40,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On APA

A number of large investors have recently modified their holdings of the company. Parkside Financial Bank & Trust raised its holdings in APA by 9.8% during the second quarter. Parkside Financial Bank & Trust now owns 3,206 shares of the company’s stock worth $104,000 after purchasing an additional 285 shares in the last quarter. Altshuler Shaham Ltd lifted its position in APA by 36.7% during the 1st quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company’s stock worth $52,000 after acquiring an additional 330 shares during the period. Rockefeller Capital Management L.P. increased its stake in APA by 0.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 106,667 shares of the company’s stock valued at $2,609,000 after buying an additional 375 shares during the period. Waverly Advisors LLC lifted its stake in shares of APA by 4.3% in the 2nd quarter. Waverly Advisors LLC now owns 9,849 shares of the company’s stock worth $321,000 after acquiring an additional 405 shares during the period. Finally, Fortitude Family Office LLC boosted its holdings in shares of APA by 37.9% in the second quarter. Fortitude Family Office LLC now owns 1,489 shares of the company’s stock valued at $48,000 after acquiring an additional 409 shares in the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

About APA

APA Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s activities include identifying hydrocarbon resources, drilling and completing wells, operating producing properties, and managing related infrastructure.

APA’s principal producing areas include the Permian Basin in the United States and Egypt’s Western Desert, where it operates through joint ventures with the Egyptian General Petroleum Corporation.