APA (NASDAQ:APA) Price Target Cut to $50.00 by Analysts at Raymond James Financial

Key Points

• Raymond James Financial cut its price target on APA from $57 to $50 but kept an outperform rating, implying about 45% upside from the current price.
• Analyst sentiment on APA remains mixed overall: the stock has a Hold consensus rating and an average price target of $40.58, with several firms recently adjusting their targets and ratings.
• APA shares were up 2.9% to $34.40 on Monday, and the company recently posted earnings that beat estimates with $1.38 EPS on $2.33 billion in revenue.

APA (NASDAQ:APA - Get Free Report) had its price target cut by Raymond James Financial from $57.00 to $50.00 in a report released on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Raymond James Financial's target price indicates a potential upside of 45.35% from the stock's current price.

Other analysts also recently issued reports about the company. Bank of America increased their price objective on APA from $23.00 to $27.00 and gave the stock an "underperform" rating in a research note on Monday, March 16th. Barclays upped their price target on APA from $35.00 to $41.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 26th. Wall Street Zen lowered APA from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Royal Bank Of Canada raised their price objective on APA from $29.00 to $45.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Finally, UBS Group lifted their price objective on shares of APA from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, April 17th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $40.58.

APA Stock Up 2.9%

APA stock traded up $0.96 during midday trading on Monday, reaching $34.40. 670,790 shares of the company's stock traded hands, compared to its average volume of 7,212,412. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. The firm's fifty day moving average price is $36.10 and its 200-day moving average price is $33.23. APA has a 52 week low of $17.86 and a 52 week high of $45.66. The company has a market cap of $12.16 billion, a price-to-earnings ratio of 8.00 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the firm earned $1.06 earnings per share. The business's quarterly revenue was down 11.7% compared to the same quarter last year. As a group, sell-side analysts forecast that APA will post 5.14 earnings per share for the current fiscal year.

Insider Buying and Selling at APA

In other news, VP Mark D. Maddox sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president owned 66,810 shares in the company, valued at $2,675,072.40. This trade represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On APA

Several institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management boosted its holdings in 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. Cedar Mountain Advisors LLC purchased a new position in APA during the first quarter worth about $28,000. Summit Securities Group LLC grew its position in APA by 115.1% during the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after buying an additional 710 shares in the last quarter. Camelot Portfolios LLC bought a new position in APA in the 4th quarter worth about $37,000. Finally, Community Bank N.A. bought a new position in APA in the 3rd quarter worth about $43,000. Hedge funds and other institutional investors own 83.01% of the company's stock.

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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