APA (NASDAQ:APA) Price Target Raised to $36.00 at Mizuho

Key Points

• Mizuho raised its price target on APA to $36 from $32, while keeping an underperform rating; the new target still implies about a 4% downside from the current price.
• Other analysts have also been adjusting targets higher, and APA now has an overall average rating of Hold with an average price target of $40.96.
• APA reported better-than-expected Q1 earnings of $1.38 per share on revenue of $2.33 billion, though revenue declined 11.7% year over year.

APA (NASDAQ:APA - Get Free Report) had its price objective boosted by analysts at Mizuho from $32.00 to $36.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "underperform" rating on the stock. Mizuho's price target suggests a potential downside of 4.00% from the company's current price.

A number of other equities research analysts have also issued reports on APA. Piper Sandler raised their price target on shares of APA from $30.00 to $37.00 and gave the stock a "neutral" rating in a report on Thursday, March 12th. Barclays raised their price target on shares of APA from $35.00 to $41.00 and gave the stock an "equal weight" rating in a report on Tuesday. Truist Financial raised their price target on shares of APA from $38.00 to $39.00 and gave the stock a "hold" rating in a report on Monday, April 20th. Susquehanna raised their price target on shares of APA from $37.00 to $47.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. Finally, Morgan Stanley raised their target price on shares of APA from $43.00 to $44.00 and gave the stock an "underweight" rating in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $40.96.

APA Price Performance

Shares of APA stock opened at $37.50 on Wednesday. The firm has a market cap of $13.25 billion, a PE ratio of 8.74 and a beta of 0.38. APA has a 12-month low of $16.75 and a 12-month high of $45.66. 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 company's fifty day simple moving average is $39.03 and its two-hundred day simple moving average is $30.90.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.11 by $0.27. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.13 billion. APA had a net margin of 17.38% and a return on equity of 20.70%. The company's revenue was down 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.06 EPS. As a group, equities analysts expect that APA will post 5.06 EPS for the current year.

Insider Transactions at APA

In related news, Director Matthew Regis Bob sold 23,000 shares of APA stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total transaction of $833,290.00. Following the completion of the transaction, the director directly owned 6,634 shares of the company's stock, valued at $240,349.82. This trade represents a 77.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Mark D. Maddox sold 9,800 shares of APA stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the transaction, the vice president directly owned 66,810 shares of the company's stock, valued at approximately $2,675,072.40. This trade represents a 12.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Hollencrest Capital Management lifted its position in APA by 520.8% during the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after acquiring an additional 500 shares during the period. Cedar Mountain Advisors LLC purchased a new position in APA in the first quarter worth about $28,000. Global Assets Advisory LLC purchased a new position in APA in the first quarter worth about $44,000. Altshuler Shaham Ltd raised its holdings in APA by 36.7% in the first quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company's stock worth $52,000 after buying an additional 330 shares during the last quarter. Finally, Summit Securities Group LLC raised its holdings in APA by 115.1% in 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 during the last quarter. 83.01% of the stock is owned by hedge funds and other 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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