APA (NASDAQ:APA) Now Covered by Stephens

Key Points

• Investment analysts at Stephens have initiated coverage of APA with an "equal weight" rating and a price target of $24.00, implying a potential upside of 31.36% from its last closing price.
• The current consensus rating for APA is "Hold," with 11 analysts issuing hold ratings and three giving buy ratings, alongside a target price of $23.53.
• APA recently reported a stronger-than-expected earnings performance, with $1.06 EPS and revenue of $2.61 billion, significantly surpassing consensus estimates.

Stephens assumed coverage on shares of APA (NASDAQ:APA - Free Report) in a research report released on Tuesday, MarketBeat reports. The brokerage issued an equal weight rating and a $24.00 price objective on the stock.

A number of other equities analysts have also recently weighed in on APA. Scotiabank reissued a "sector perform" rating and set a $22.00 price objective (up from $14.00) on shares of APA in a report on Friday, July 11th. Piper Sandler lifted their price target on shares of APA from $19.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group reaffirmed a "neutral" rating and issued a $19.00 price objective (up previously from $18.00) on shares of APA in a research note on Monday, July 14th. Mizuho reduced their target price on shares of APA from $20.00 to $19.00 and set an "underperform" rating on the stock in a report on Tuesday, May 13th. Finally, Morgan Stanley boosted their price target on shares of APA from $20.00 to $21.00 and gave the stock an "underweight" rating in a research note on Friday, May 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $23.59.

APA Price Performance

Shares of APA stock traded up $0.55 during trading hours on Tuesday, reaching $20.01. The stock had a trading volume of 11,134,808 shares, compared to its average volume of 7,093,744. The stock's fifty day simple moving average is $19.16 and its 200 day simple moving average is $19.10. The firm has a market capitalization of $7.24 billion, a PE ratio of 6.69, a PEG ratio of 6.36 and a beta of 1.23. APA has a 12 month low of $13.58 and a 12 month high of $29.88. The company has a current ratio of 0.80, a quick ratio of 0.89 and a debt-to-equity ratio of 0.62.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.42. The company had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.03 billion. APA had a return on equity of 20.98% and a net margin of 10.53%. The firm's revenue was down 14.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 earnings per share. On average, equities research analysts predict that APA will post 4.03 EPS for the current year.

APA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Tuesday, July 22nd will be issued a $0.25 dividend. The ex-dividend date is Tuesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.0%. APA's dividend payout ratio is presently 35.97%.

Institutional Investors Weigh In On APA

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its position in APA by 73.8% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 52,677 shares of the company's stock valued at $963,000 after purchasing an additional 22,362 shares during the period. Kingsview Wealth Management LLC purchased a new position in APA during the second quarter valued at approximately $541,000. Ontario Teachers Pension Plan Board bought a new position in APA in the second quarter worth approximately $541,000. Cetera Investment Advisers raised its stake in APA by 8.2% in the second quarter. Cetera Investment Advisers now owns 71,493 shares of the company's stock worth $1,308,000 after buying an additional 5,439 shares in the last quarter. Finally, Cedar Wealth Management LLC lifted its holdings in APA by 9.6% during the second quarter. Cedar Wealth Management LLC now owns 8,724 shares of the company's stock worth $160,000 after buying an additional 761 shares during the period. Institutional investors own 83.01% of the company's stock.

About APA

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.