APA (NASDAQ:APA) Price Target Raised to $45.00 at Wolfe Research

Key Points

• Wolfe Research raised its price target on APA from $39 to $45, implying a potential upside of roughly 37.7% from the current share price.
• Several other firms also bumped targets, but the consensus rating remains a Hold with an average price target of $29.33 and a breakdown of 7 Buys, 17 Holds and 4 Sells.
• APA topped quarterly estimates with EPS of $0.91 versus $0.62 expected and revenue of $1.99B (vs. $1.89B), though revenue declined 26.6% year‑over‑year; the stock trades around $32.68 with a P/E of 8.19.

APA (NASDAQ:APA - Get Free Report) had its target price lifted by research analysts at Wolfe Research from $39.00 to $45.00 in a note issued to investors on Monday,MarketScreener reports. Wolfe Research's price target suggests a potential upside of 37.70% from the stock's current price.

A number of other equities research analysts have also recently commented on the stock. Benchmark increased their target price on shares of APA from $33.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday. Piper Sandler boosted their price target on shares of APA from $23.00 to $30.00 and gave the stock a "neutral" rating in a research report on Thursday. Royal Bank Of Canada increased their price objective on shares of APA from $26.00 to $29.00 and gave the company a "sector perform" rating in a report on Thursday. Weiss Ratings reissued a "hold (c)" rating on shares of APA in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. boosted their target price on APA from $25.00 to $29.00 and gave the stock a "neutral" rating in a report on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, APA presently has an average rating of "Hold" and a consensus price target of $29.33.

APA Stock Up 0.9%

Shares of APA opened at $32.68 on Monday. The stock has a 50 day moving average price of $27.04 and a 200 day moving average price of $24.99. APA has a one year low of $13.58 and a one year high of $33.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $11.54 billion, a price-to-earnings ratio of 8.19, a PEG ratio of 16.95 and a beta of 0.67.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.89 billion. During the same quarter last year, the firm posted $0.79 EPS. The firm's revenue for the quarter was down 26.6% on a year-over-year basis. Equities research analysts forecast that APA will post 4.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Deseret Mutual Benefit Administrators boosted its position in shares of APA by 276.7% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company's stock worth $29,000 after purchasing an additional 891 shares in the last quarter. Summit Securities Group LLC increased 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 valued at $32,000 after buying an additional 710 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of APA during the 3rd quarter valued at approximately $34,000. Spire Wealth Management grew its holdings in shares of APA by 179.6% in the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company's stock worth $37,000 after acquiring an additional 977 shares during the period. Finally, Camelot Portfolios LLC acquired a new position in APA during the fourth quarter worth $37,000. Hedge funds and other institutional investors own 83.01% of the company's stock.

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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