APA (NASDAQ:APA) Given New $41.00 Price Target at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein raised APA’s price target from $37 to $41 while maintaining a “market perform” rating; the target implies 12.28% downside from the stock’s current price.
• Analyst sentiment is mixed: APA has an average “Hold” rating and a consensus price target of $45.17, according to MarketBeat.
• APA beat quarterly expectations, reporting EPS of $1.94 versus $1.60 expected and revenue of $2.77 billion, up 30.9% year over year. The company also authorized a buyback of up to 40 million shares.

APA (NASDAQ:APA - Get Free Report) had its price target boosted by equities research analysts at Sanford C. Bernstein from $37.00 to $41.00 in a report released on Thursday, Benzinga reports. The firm presently has a "market perform" rating on the stock. Sanford C. Bernstein's price objective would suggest a potential downside of 12.28% from the stock's current price.

Several other research analysts also recently commented on APA. Raymond James Financial lifted their target price on APA from $50.00 to $54.00 and gave the stock an "outperform" rating in a report on Wednesday, September 2nd. Roth Capital set a $39.00 price target on APA in a research note on Thursday, August 6th. Wall Street Zen upgraded APA from a "buy" rating to a "strong-buy" rating in a research report on Saturday, November 7th. Mizuho lifted their price objective on APA from $36.00 to $44.00 and gave the stock an "underperform" rating in a research note on Thursday, October 15th. Finally, KeyCorp set a $46.00 target price on APA in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $45.17.

APA Trading Up 3.6%

Shares of NASDAQ APA opened at $46.74 on Thursday. The firm has a 50 day moving average price of $46.04 and a two-hundred day moving average price of $38.37. The stock has a market cap of $15.69 billion, a P/E ratio of 7.59, a price-to-earnings-growth ratio of 0.68 and a beta of 0.29. APA has a 52-week low of $23.06 and a 52-week high of $52.96. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.85 and a current ratio of 0.85.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.34. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.48 billion. APA had a net margin of 23.08% and a return on equity of 28.34%. APA's revenue was up 30.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 earnings per share. As a group, equities analysts forecast that APA will post 6.61 EPS for the current year.

APA announced that its Board of Directors has approved a share buyback plan on Wednesday, September 16th that permits the company to buy back 40,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Share buyback plans are often an indication that the company's board believes its shares are undervalued.

Institutional Trading of APA

Large investors have recently bought and sold shares of the business. Hollencrest Capital Management lifted its stake in shares of APA by 520.8% in the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after purchasing an additional 500 shares during the period. CENTRAL TRUST Co grew its stake in APA by 623.0% during the third quarter. CENTRAL TRUST Co now owns 629 shares of the company's stock worth $26,000 after purchasing an additional 542 shares during the period. Elevated Capital Advisors LLC acquired a new stake in APA during the third quarter worth approximately $30,000. Compass Financial Management LLC acquired a new stake in APA during the second quarter worth approximately $33,000. Finally, MidFirst Bank bought a new stake in APA in the second quarter worth approximately $33,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

About APA

APA Corporation is an independent energy company that explores for, develops and produces crude oil, natural gas and natural gas liquids. Its activities include operating wells and related infrastructure, as well as evaluating and developing oil and natural gas resources. The company's principal operating areas include the United States and Egypt. APA also has offshore exploration interests in Suriname, where it has worked with partners to assess resources in the region. APA traces its history to Apache Corporation, founded in 1954.

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