Smead Capital Management Inc. Has $246.72 Million Stock Position in APA Corporation $APA

Smead Capital Management Inc. reduced its stake in shares of APA Corporation (NASDAQ:APA) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,161,573 shares of the company’s stock after selling 779,656 shares during the quarter. APA comprises about 4.8% of Smead Capital Management Inc.’s investment portfolio, making the stock its 7th biggest position. Smead Capital Management Inc. owned 2.84% of APA worth $246,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in APA. Deseret Mutual Benefit Administrators increased its position in APA by 276.7% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock valued at $29,000 after acquiring an additional 891 shares during the last quarter. CVA Family Office LLC lifted its stake in APA by 6,096.7% in the second quarter. CVA Family Office LLC now owns 1,859 shares of the company’s stock worth $34,000 after acquiring an additional 1,829 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in shares of APA in the 3rd quarter worth approximately $34,000. Spire Wealth Management boosted its position in APA by 179.6% during the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock valued at $37,000 after acquiring an additional 977 shares in the last quarter. Finally, MAI Capital Management boosted its position in APA by 76.5% during the second quarter. MAI Capital Management now owns 2,134 shares of the company’s stock valued at $39,000 after purchasing an additional 925 shares in the last quarter. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barclays set a $24.00 target price on shares of APA in a research report on Wednesday, January 21st. Johnson Rice upgraded APA from a “hold” rating to an “accumulate” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Thursday, December 4th. UBS Group boosted their target price on APA from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Sanford C. Bernstein decreased their price target on APA from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, January 5th. Finally, Susquehanna boosted their price target on APA from $30.00 to $32.00 and gave the stock a “positive” rating in a research note on Wednesday, November 12th. Seven analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, APA presently has a consensus rating of “Hold” and a consensus target price of $26.39.

APA Price Performance

Shares of NASDAQ APA opened at $29.06 on Friday. APA Corporation has a 52 week low of $13.58 and a 52 week high of $30.08. The business’s 50 day moving average price is $25.82 and its 200 day moving average price is $24.19. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.62. The firm has a market cap of $10.31 billion, a P/E ratio of 6.99, a P/E/G ratio of 13.29 and a beta of 0.74.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Wednesday, April 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, April 22nd. APA’s dividend payout ratio is 24.04%.

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.