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

Key Points

• Truist Financial raised APA’s price target to $39 from $38 but maintained a “hold” rating, implying 4.61% downside from the reported $40.88 share price.
• Analyst sentiment remains mixed, with a consensus “hold” rating and average price target of $40.42 from eight Buy, 17 Hold, and four Sell ratings.
• APA’s latest quarterly results slightly missed expectations, reporting $1.89 in EPS versus $1.90 expected and revenue of $2.37 billion versus $2.46 billion estimated; institutional investors own 83.01% of the stock.

APA (NASDAQ:APA - Get Free Report) had its target price raised by investment analysts at Truist Financial from $38.00 to $39.00 in a report issued on Monday,Benzinga reports. The firm currently has a "hold" rating on the stock. Truist Financial's price objective indicates a potential downside of 4.61% from the stock's current price.

A number of other analysts also recently commented on APA. Raymond James Financial dropped their price target on shares of APA from $57.00 to $50.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Scotiabank raised their price objective on shares of APA from $26.00 to $36.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Weiss Ratings cut APA from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, June 23rd. Susquehanna dropped their target price on APA from $47.00 to $45.00 and set a "positive" rating on the stock in a report on Tuesday, July 21st. Finally, Citigroup restated a "neutral" rating on shares of APA in a research report on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $40.42.

APA Stock Performance

Shares of APA traded up $3.25 during trading hours on Monday, reaching $40.88. 2,634,604 shares of the company's stock traded hands, compared to its average volume of 7,008,896. APA has a twelve month low of $19.77 and a twelve month high of $45.66. The business's fifty day simple moving average is $35.12 and its two-hundred day simple moving average is $34.75. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $14.45 billion, a price-to-earnings ratio of 8.63 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.01). The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%.During the same period in the previous year, the company earned $0.87 EPS. Analysts predict that APA will post 4.91 earnings per share for the current year.

Insider Buying and Selling at APA

In related news, VP Mark D. Maddox sold 9,800 shares of APA stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total value of $392,392.00. Following the transaction, the vice president 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is owned by company insiders.

Institutional Trading of APA

A number of hedge funds have recently bought and sold shares of APA. BlackRock Inc. purchased a new stake in shares of APA in the 2nd quarter valued at approximately $1,173,231,000. Dimensional Fund Advisors LP grew its position in APA by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,376,952 shares of the company's stock worth $695,099,000 after purchasing an additional 1,055,016 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in APA by 2.0% during the 4th 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 raised its stake in APA by 21.8% during the 4th quarter. Morgan Stanley now owns 10,425,586 shares of the company's stock valued at $255,010,000 after purchasing an additional 1,864,900 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in APA by 76.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company's stock valued at $175,426,000 after purchasing an additional 3,117,032 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source