APA (NASDAQ:APA) Price Target Raised to $37.00

Key Points

• Wolfe Research has raised its price target for APA Corporation from $35.00 to $37.00, indicating a potential upside of 62.79% from the previous close.
• APA reported earnings of $0.87 per share for the last quarter, significantly beating the analysts' consensus estimate of $0.45, although its revenue declined 14.4% year-over-year.
• The company's stock is currently rated as a "Hold" by consensus and has an average price target of $24.74, with four analysts rating it as a Buy and sixteen as Hold.

APA (NASDAQ:APA - Get Free Report) had its target price boosted by equities researchers at Wolfe Research from $35.00 to $37.00 in a report issued on Monday,MarketScreener reports. The firm presently has an "outperform" rating on the stock. Wolfe Research's price target suggests a potential upside of 62.79% from the company's previous close.

Other analysts have also issued research reports about the stock. Cowen reiterated a "hold" rating on shares of APA in a research report on Thursday, August 7th. Cfra Research upgraded APA to a "hold" rating in a report on Friday, August 8th. BMO Capital Markets raised their target price on APA from $28.00 to $30.00 and gave the stock a "market perform" rating in a research note on Monday, October 13th. Wells Fargo & Company boosted their price objective on shares of APA from $20.00 to $21.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. Finally, Piper Sandler upped their target price on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, August 14th. Four equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $24.74.

APA Stock Performance

APA opened at $22.73 on Monday. The firm's 50-day moving average price is $22.89 and its 200-day moving average price is $19.59. The company has a market cap of $8.13 billion, a P/E ratio of 7.53, a price-to-earnings-growth ratio of 6.39 and a beta of 1.16. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. APA has a 52-week low of $13.58 and a 52-week high of $25.83.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.42. APA had a return on equity of 20.98% and a net margin of 10.53%.The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The company's revenue was down 14.4% on a year-over-year basis. As a group, equities analysts anticipate that APA will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in APA by 61.9% during the 1st quarter. GAMMA Investing LLC now owns 12,759 shares of the company's stock worth $268,000 after purchasing an additional 4,878 shares during the period. QRG Capital Management Inc. purchased a new stake in shares of APA in the 1st quarter valued at about $238,000. State of Alaska Department of Revenue grew its stake in APA by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 43,353 shares of the company's stock worth $911,000 after buying an additional 1,175 shares during the last quarter. TrueMark Investments LLC acquired a new position in APA during the first quarter worth approximately $5,138,000. Finally, S.A. Mason LLC boosted its holdings in shares of APA by 17.3% in the first quarter. S.A. Mason LLC now owns 10,175 shares of the company's stock valued at $214,000 after acquiring an additional 1,500 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.