APA (NASDAQ:APA) Given New $49.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised APA’s price target from $47 to $49 while maintaining a “sector perform” rating, implying 3.61% upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $44.31; targets range from $43 to $62.
• APA reported quarterly revenue of $2.37 billion and EPS of $1.89, slightly below estimates, while its board authorized a 40 million-share buyback.

APA (NASDAQ:APA - Get Free Report) had its price objective raised by investment analysts at Royal Bank Of Canada from $47.00 to $49.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 3.61% from the stock's previous close.

APA has been the subject of a number of other research reports. Mizuho set a $44.00 price target on APA in a research report on Thursday. Stifel Nicolaus initiated coverage on APA in a report on Wednesday, September 9th. They set a "buy" rating and a $62.00 price target on the stock. The Goldman Sachs Group restated a "sell" rating and set a $43.00 price objective on shares of APA in a research note on Monday, September 7th. Stephens restated an "equal weight" rating and set a $49.00 price objective on shares of APA in a research note on Friday, October 9th. Finally, Seaport Research Partners started coverage on shares of APA in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $44.31.

APA Stock Performance

NASDAQ APA traded down $0.08 during trading hours on Thursday, hitting $47.29. The company had a trading volume of 775,772 shares, compared to its average volume of 6,662,256. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. The firm has a market cap of $16.57 billion, a P/E ratio of 9.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.42. APA has a fifty-two week low of $21.63 and a fifty-two week high of $48.60. The business has a fifty day simple moving average of $43.27 and a 200-day simple moving average of $39.15.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings results 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). APA had a net margin of 19.48% and a return on equity of 24.84%. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the firm posted $0.87 EPS. Equities analysts predict that APA will post 5.79 EPS for the current year.

APA declared that its Board of Directors has authorized a stock buyback plan on Wednesday, September 16th that permits the company to repurchase 40,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Share buyback plans are typically an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On APA

Institutional investors and hedge funds have recently bought and sold shares of the business. B.A. Schrock Wealth Management Inc. acquired a new stake in shares of APA in the third quarter worth $317,000. Mather Group LLC. boosted its holdings in shares of APA by 25.1% during the 3rd quarter. Mather Group LLC. now owns 10,941 shares of the company's stock worth $454,000 after buying an additional 2,198 shares during the period. Sanders Morris Harris LLC bought a new stake in shares of APA during the 3rd quarter worth $214,000. Consilium Wealth Advisory LLC boosted its holdings in shares of APA by 4.3% during the 3rd quarter. Consilium Wealth Advisory LLC now owns 11,643 shares of the company's stock worth $484,000 after buying an additional 478 shares during the period. Finally, Wetzel Investment Advisors Inc. grew its stake in APA by 26.6% in the 3rd quarter. Wetzel Investment Advisors Inc. now owns 32,897 shares of the company's stock valued at $1,367,000 after buying an additional 6,904 shares during the last quarter. 83.01% of the stock is owned by institutional investors and hedge funds.

About APA

APA Corporation NASDAQ: APA 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 prospective resources, drilling and completing wells, and managing producing assets across multiple international markets.

APA's operations have historically been concentrated in the Permian Basin of the United States and in Egypt's Western Desert, where it participates in exploration and production activities through joint ventures.

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