APA (NASDAQ:APA) Given New $38.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on APA to $38.00 from $29.00 while maintaining a "neutral" rating, a target that implies roughly a 0.16% downside from the prior close.
• Analyst consensus is a Hold with an average price target of $30.52, based on 7 Buys, 17 Holds and 5 Sells reported by MarketBeat.
• APA beat Q4 estimates with $0.91 EPS vs. $0.62 expected and $1.99B revenue vs. $1.89B expected, though revenue was down 26.6% year-over-year; the stock trades near its 1-year high and the company has a market cap of about $13.44 billion.

APA (NASDAQ:APA - Get Free Report) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $29.00 to $38.00 in a report released on Friday,MarketScreener reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential downside of 0.16% from the company's previous close.

Several other brokerages have also recently commented on APA. The Goldman Sachs Group increased their price objective on APA from $23.00 to $29.00 and gave the stock a "sell" rating in a research report on Wednesday, March 11th. Wolfe Research upped their target price on APA from $39.00 to $45.00 in a research note on Monday, March 9th. TD Cowen raised APA to a "hold" rating in a report on Monday, February 9th. Roth Mkm lifted their price target on APA from $23.00 to $27.00 and gave the company a "neutral" rating in a research report on Thursday, February 26th. Finally, Capital One Financial boosted their price objective on APA from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, March 11th. Seven analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, APA presently has a consensus rating of "Hold" and an average price target of $30.52.

APA Stock Up 4.0%

Shares of NASDAQ:APA opened at $38.06 on Friday. APA has a 1 year low of $13.58 and a 1 year high of $39.03. The company has a market capitalization of $13.44 billion, a PE ratio of 9.54, a price-to-earnings-growth ratio of 16.20 and a beta of 0.67. The business has a fifty day moving average price of $28.84 and a two-hundred day moving average price of $25.72. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.82 and a quick ratio of 0.82.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.29. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.89 billion. APA had a net margin of 15.55% and a return on equity of 19.89%. The firm's quarterly revenue was down 26.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 EPS. Analysts forecast that APA will post 4.03 earnings per share for the current year.

Institutional Investors Weigh In On APA

Several hedge funds have recently made changes to their positions in the company. Deseret Mutual Benefit Administrators grew its holdings in shares of APA by 276.7% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company's stock worth $29,000 after acquiring an additional 891 shares during the period. Summit Securities Group LLC grew its stake in shares of APA by 115.1% during the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock valued at $32,000 after purchasing an additional 710 shares during the period. Atlantic Union Bankshares Corp bought a new stake in APA during the third quarter valued at about $34,000. Camelot Portfolios LLC purchased a new stake in APA in the fourth quarter worth about $37,000. Finally, Spire Wealth Management raised its stake in shares of APA by 179.6% in the third quarter. Spire Wealth Management now owns 1,521 shares of the company's stock worth $37,000 after buying an additional 977 shares during the period. 83.01% of the stock is currently owned by institutional investors.

APA Company Profile

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.

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