APA (NASDAQ:APA) Raised to "Buy" at Argus

Key Points

• Argus upgraded APA to “Buy” from “Hold” and set a $48 price target, implying approximately 13.3% upside from the reported share price.
• Analyst sentiment remains mixed overall: APA has an average “Hold” rating and a consensus price target of $41.50, with 10 Buy, 16 Hold, and 4 Sell ratings.
• APA recently reported quarterly revenue of $2.37 billion and EPS of $1.89, both slightly below analyst expectations; institutional investors own approximately 83.01% of the company’s stock.

APA (NASDAQ:APA - Get Free Report) was upgraded by analysts at Argus from a "hold" rating to a "buy" rating in a report issued on Wednesday, MarketBeat reports. The firm currently has a $48.00 price objective on the stock. Argus' price target indicates a potential upside of 13.29% from the stock's current price.

Several other analysts have also weighed in on APA. BMO Capital Markets lowered their target price on shares of APA from $47.00 to $45.00 and set a "market perform" rating for the company in a research note on Wednesday, May 13th. Capital One Financial lifted their price target on shares of APA from $50.00 to $51.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Morgan Stanley decreased their price target on shares of APA from $44.00 to $41.00 and set an "underweight" rating for the company in a report on Friday, June 26th. Mizuho upgraded shares of APA to a "strong sell" rating in a research note on Friday, July 31st. Finally, Barclays dropped their price objective on shares of APA from $41.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Monday. Ten equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $41.50.

APA Price Performance

Shares of APA opened at $42.37 on Wednesday. The firm has a market cap of $14.84 billion, a price-to-earnings ratio of 8.96 and a beta of 0.35. The stock has a 50 day moving average of $35.58 and a 200-day moving average of $35.49. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. APA has a 52 week low of $19.96 and a 52 week high of $45.66.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the company posted $0.87 earnings per share. As a group, analysts forecast that APA will post 5.25 EPS for the current year.

Hedge Funds Weigh In On APA

Several hedge funds and other institutional investors have recently modified their holdings of APA. Hollencrest Capital Management lifted its position in APA by 520.8% in the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after purchasing an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC bought a new position in APA in the 1st quarter worth about $28,000. Summit Securities Group LLC grew its position in APA by 115.1% in the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after purchasing an additional 710 shares during the last quarter. MidFirst Bank bought a new position in APA in the 2nd quarter worth about $33,000. Finally, Compass Financial Management LLC acquired a new stake in shares of APA in the second quarter valued at approximately $33,000. Institutional investors and hedge funds 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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