APA (NASDAQ:APA) Cut to "Neutral" at Roth Capital

Key Points

• Analysts at Roth Capital have downgraded APA from a "buy" to a "neutral" rating, setting a price target of $22.00, suggesting a 7.63% upside from the last close.
• Despite a successful earnings report with EPS of $0.87, APA's revenue fell 14.4% year-over-year, indicating challenges in the market.
• A significant portion of APA's shares, approximately 83.01%, is held by institutional investors and hedge funds, reflecting a strong institutional interest in the stock.

APA (NASDAQ:APA - Get Free Report) was downgraded by stock analysts at Roth Capital from a "buy" rating to a "neutral" rating in a research note issued on Wednesday, MarketBeat reports. They currently have a $22.00 price objective on the stock. Roth Capital's price target would indicate a potential upside of 7.00% from the company's previous close.

A number of other equities research analysts also recently commented on APA. Scotiabank reiterated a "sector perform" rating and set a $22.00 price objective (up previously from $14.00) on shares of APA in a research report on Friday, July 11th. UBS Group reiterated a "neutral" rating and set a $19.00 price objective (up from $18.00) on shares of APA in a report on Monday, July 14th. Morgan Stanley increased their price objective on APA from $20.00 to $21.00 and gave the stock an "underweight" rating in a report on Friday, May 23rd. Piper Sandler increased their target price on shares of APA from $19.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada lowered their target price on shares of APA from $24.00 to $22.00 and set a "sector perform" rating on the stock in a research report on Monday, July 14th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, APA presently has an average rating of "Hold" and an average target price of $23.50.

APA Price Performance

NASDAQ APA traded up $0.12 on Wednesday, reaching $20.56. 7,860,387 shares of the stock traded hands, compared to its average volume of 8,117,886. The firm's fifty day simple moving average is $19.25 and its 200 day simple moving average is $19.03. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 6.88, a P/E/G ratio of 6.38 and a beta of 1.23. APA has a 12 month low of $13.58 and a 12 month high of $29.88.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 EPS 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 company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. The company's quarterly revenue was down 14.4% compared to the same quarter last year. As a group, research analysts predict that APA will post 4.03 EPS for the current fiscal year.

Institutional Trading of APA

Several institutional investors and hedge funds have recently made changes to their positions in the business. StoneX Group Inc. bought a new stake in shares of APA during the 2nd quarter valued at $307,000. Capula Management Ltd acquired a new position in APA in the 2nd quarter worth $455,000. Cresset Asset Management LLC acquired a new position in APA in the 2nd quarter worth $186,000. M Holdings Securities Inc. boosted its stake in APA by 42.1% in the 2nd quarter. M Holdings Securities Inc. now owns 26,228 shares of the company's stock worth $480,000 after purchasing an additional 7,774 shares during the period. Finally, First Trust Advisors LP boosted its stake in APA by 23.9% in the 2nd quarter. First Trust Advisors LP now owns 2,710,405 shares of the company's stock worth $49,573,000 after purchasing an additional 522,947 shares during the period. Institutional investors own 83.01% of the company's stock.

About APA

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.