APA (NASDAQ:APA) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised its APA price target from $45 to $50, while maintaining a “hold” rating; the new target implies about 12% upside from the stock’s then-current price.
• Analyst views are mixed, with a consensus “hold” rating and an average price target of $45.14. Targets cited range from $39 at Roth Capital to $58 at Susquehanna.
• APA beat quarterly expectations, reporting EPS of $1.94 versus $1.60 expected and revenue of $2.77 billion versus $2.48 billion expected; revenue grew 30.9% year over year.

APA (NASDAQ:APA - Get Free Report) had its target price boosted by equities research analysts at Truist Financial from $45.00 to $50.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's target price indicates a potential upside of 12.03% from the company's current price.

APA has been the subject of several other research reports. Roth Capital set a $39.00 price target on shares of APA in a research report on Thursday, August 6th. Raymond James Financial lifted their price objective on shares of APA from $50.00 to $54.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a "hold" rating and issued a $41.00 price objective on shares of APA in a research report on Sunday, October 11th. Susquehanna boosted their target price on shares of APA from $47.00 to $58.00 and gave the company a "positive" rating in a research note on Tuesday, October 20th. Finally, Seaport Research Partners began coverage on shares of APA in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $45.14.

APA Stock Performance

Shares of APA stock opened at $44.63 on Monday. The business's fifty day simple moving average is $45.91 and its 200 day simple moving average is $38.08. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.41. APA has a 12 month low of $23.06 and a 12 month high of $52.96. The firm has a market capitalization of $14.98 billion, a P/E ratio of 7.25, a price-to-earnings-growth ratio of 0.68 and a beta of 0.29.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.34. APA had a return on equity of 28.34% and a net margin of 23.08%. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.48 billion. During the same quarter in the prior year, the company earned $0.93 EPS. The business's revenue for the quarter was up 30.9% on a year-over-year basis. As a group, analysts anticipate that APA will post 6.52 EPS for the current year.

APA declared that its board has authorized 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 repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On APA

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of APA during the 2nd quarter valued at $1,173,231,000. State Street Corp raised its position in APA by 1.5% in the 2nd quarter. State Street Corp now owns 25,181,423 shares of the company's stock worth $820,159,000 after purchasing an additional 377,429 shares during the period. Dimensional Fund Advisors LP raised its position in APA by 6.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,376,952 shares of the company's stock worth $695,099,000 after purchasing an additional 1,055,016 shares during the period. Arrowstreet Capital Limited Partnership raised its position in APA by 1,726.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company's stock worth $205,176,000 after purchasing an additional 4,569,779 shares during the period. Finally, First Trust Advisors LP lifted its stake in APA by 55.0% in the first quarter. First Trust Advisors LP now owns 4,154,301 shares of the company's stock worth $176,309,000 after purchasing an additional 1,473,626 shares during the last quarter. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Company Profile

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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