APA (NASDAQ:APA) Price Target Raised to $39.00

Key Points

• Truist raised its price target to $39.00 (from $38) and kept a "hold" rating, implying about a 9.12% upside; the analyst consensus remains a "Hold" with a mean target of $38.69 (7 Buy, 20 Hold, 4 Sell).
• APA beat quarterly estimates with EPS of $0.91 versus $0.62 expected and revenue of $1.99B versus $1.89B, though revenue was down 26.6% year‑over‑year; the stock trades around $35.74 with a market cap of $12.63B and a P/E of 8.96.

APA (NASDAQ:APA - Get Free Report) had its price target boosted by equities research analysts at Truist Financial from $38.00 to $39.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's target price points to a potential upside of 9.12% from the stock's previous close.

Several other research firms have also recently issued reports on APA. Wells Fargo & Company lifted their price objective on APA from $21.00 to $39.00 and gave the stock an "equal weight" rating in a report on Thursday, April 9th. TD Cowen upgraded APA to a "hold" rating in a report on Monday, February 9th. Citigroup lowered their price objective on APA from $45.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday. Roth Mkm lifted their price objective on APA from $27.00 to $37.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. Finally, BMO Capital Markets lifted their price objective on APA from $35.00 to $47.00 and gave the stock a "market perform" rating in a report on Tuesday, April 7th. Seven investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, APA presently has an average rating of "Hold" and a consensus price target of $38.69.

APA Stock Performance

APA stock opened at $35.74 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. APA has a 12-month low of $15.15 and a 12-month high of $45.66. The stock has a market cap of $12.63 billion, a price-to-earnings ratio of 8.96 and a beta of 0.49. The business's 50-day moving average is $34.86 and its 200 day moving average is $28.23.

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

Insiders Place Their Bets

In other APA news, Director Matthew Regis Bob sold 23,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total value of $833,290.00. Following 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On APA

Several institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of APA by 9.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,321,936 shares of the company's stock worth $374,786,000 after purchasing an additional 1,291,706 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of APA by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 14,710,034 shares of the company's stock worth $359,807,000 after purchasing an additional 285,542 shares in the last quarter. Morgan Stanley lifted its position in APA by 21.8% in the fourth quarter. Morgan Stanley now owns 10,425,586 shares of the company's stock valued at $255,010,000 after acquiring an additional 1,864,900 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in APA by 76.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company's stock valued at $175,426,000 after acquiring an additional 3,117,032 shares during the last quarter. Finally, Northern Trust Corp lifted its position in APA by 29.6% in the third quarter. Northern Trust Corp now owns 4,462,476 shares of the company's stock valued at $108,349,000 after acquiring an additional 1,018,326 shares during the last quarter. 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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