APA (NASDAQ:APA) Price Target Lowered to $40.00 at Barclays

Key Points

• Barclays lowered APA’s price target from $41 to $40 while maintaining an “equal weight” rating, implying roughly 1.16% downside from the prior close.
• Analyst sentiment remains mixed: APA has a consensus “Hold” rating and an average price target of $41.26, based on nine Buy, 16 Hold, and four Sell recommendations.
• APA slightly missed quarterly expectations, reporting $1.89 in adjusted EPS versus $1.90 expected and revenue of $2.37 billion versus $2.46 billion forecast.

APA (NASDAQ:APA - Get Free Report) had its price target dropped by analysts at Barclays from $41.00 to $40.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price target suggests a potential downside of 1.16% from the company's previous close.

Several other research analysts have also weighed in on APA. Truist Financial increased their price objective on shares of APA from $38.00 to $39.00 and gave the stock a "hold" rating in a report on Monday, August 10th. Susquehanna increased their target price on APA from $45.00 to $47.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. Zacks Research cut APA from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Weiss Ratings raised APA from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Benchmark upped their price target on APA from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Nine investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $41.26.

APA Price Performance

APA opened at $40.47 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $14.18 billion, a P/E ratio of 8.56 and a beta of 0.35. The business's 50-day simple moving average is $35.39 and its 200-day simple moving average is $35.26. APA has a one year low of $19.96 and a one year high of $45.66.

APA (NASDAQ:APA - Get Free Report) last posted 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). The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same quarter last year, the firm earned $0.87 earnings per share. Analysts anticipate that APA will post 5.25 EPS for the current year.

Insiders Place Their Bets

In other APA news, VP Mark D. Maddox sold 9,800 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total value of $392,392.00. Following the sale, the vice president directly owned 66,810 shares in the company, valued at approximately $2,675,072.40. The trade was a 12.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On APA

Large investors have recently made changes to their positions in the business. Hollencrest Capital Management boosted its holdings in APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after purchasing an additional 500 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new stake in shares of APA in the first quarter valued at about $28,000. Compass Financial Management LLC bought a new position in APA during the second quarter worth $33,000. MidFirst Bank bought a new position in APA during the second quarter worth about $33,000. Finally, Global Assets Advisory LLC acquired a new position in shares of APA in the 1st quarter worth approximately $44,000. Institutional investors and hedge funds own 83.01% of the company's stock.

About APA

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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