SummitTX Capital L.P. Trims Stock Position in APA Corporation $APA

SummitTX Capital L.P. lessened its stake in APA Corporation (NASDAQ:APA) by 48.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 46,511 shares of the company’s stock after selling 43,189 shares during the period. SummitTX Capital L.P.’s holdings in APA were worth $1,974,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in APA by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company’s stock worth $700,000 after acquiring an additional 2,070 shares during the period. NewEdge Advisors LLC lifted its holdings in APA by 49.6% in the first quarter. NewEdge Advisors LLC now owns 10,785 shares of the company’s stock valued at $227,000 after acquiring an additional 3,578 shares during the period. Goldman Sachs Group Inc. boosted its position in APA by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company’s stock worth $56,092,000 after purchasing an additional 806,252 shares in the last quarter. Focus Partners Wealth boosted its position in APA by 10.6% in the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company’s stock worth $942,000 after purchasing an additional 4,297 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in APA in the 2nd quarter worth approximately $5,199,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Trading Up 0.5%

Shares of APA stock opened at $34.93 on Wednesday. APA Corporation has a 1-year low of $17.86 and a 1-year high of $45.66. The company has a market cap of $12.34 billion, a price-to-earnings ratio of 8.14 and a beta of 0.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a 50 day simple moving average of $35.33 and a 200-day simple moving average of $34.14.

APA (NASDAQ:APA) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company earned $1.06 EPS. The firm’s revenue for the quarter was down 11.7% compared to the same quarter last year. On average, equities research analysts expect that APA Corporation will post 4.92 EPS for the current fiscal year.

APA Announces Dividend

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

Insider Activity

In other news, VP Mark D. Maddox sold 9,800 shares of APA stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total value of $392,392.00. Following the sale, the vice president owned 66,810 shares in the company, valued at $2,675,072.40. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on APA. Royal Bank Of Canada lifted their target price on shares of APA from $29.00 to $45.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Citigroup restated a “neutral” rating on shares of APA in a research report on Tuesday, July 21st. Wall Street Zen cut shares of APA from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Morgan Stanley decreased their price objective on shares of APA from $44.00 to $41.00 and set an “underweight” rating for the company in a research report on Friday, June 26th. Finally, Capital One Financial increased their target price on shares of APA from $50.00 to $51.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Eight analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, APA currently has an average rating of “Hold” and an average price target of $40.35.

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.