APA (NASDAQ:APA) Receives "Outperform" Rating from Raymond James Financial

Key Points

• Raymond James Financial has reiterated an "outperform" rating on APA stock with a price target increase from $26.00 to $28.00, indicating a potential upside of 29.27% from the current price.
• As of the latest reports, APA has a consensus rating of "Hold" across analysts, with an average price target of $23.83, amid mixed ratings from multiple research firms.
• APA reported earnings of $0.87 EPS for the last quarter, significantly beating the consensus estimate of $0.45, despite experiencing a 14.4% decline in revenue year-over-year.

APA (NASDAQ:APA - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Raymond James Financial in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $28.00 price target on the stock, up from their previous price target of $26.00. Raymond James Financial's price target would suggest a potential upside of 29.27% from the stock's current price.

Several other research firms have also issued reports on APA. Scotiabank reissued a "sector perform" rating and set a $22.00 price target (up from $14.00) on shares of APA in a research report on Friday, July 11th. Piper Sandler upped their price target on APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, August 14th. Morgan Stanley upped their price target on APA from $22.00 to $23.00 and gave the company an "underweight" rating in a research report on Monday, August 18th. UBS Group upped their price target on APA from $21.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Finally, Argus raised APA to a "hold" rating in a research report on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, APA has a consensus rating of "Hold" and an average price target of $23.83.

APA Stock Down 2.7%

NASDAQ APA opened at $21.66 on Wednesday. The stock has a market cap of $7.75 billion, a PE ratio of 7.24, a P/E/G ratio of 6.61 and a beta of 1.29. APA has a fifty-two week low of $13.58 and a fifty-two week high of $27.48. The business has a 50 day moving average price of $20.35 and a two-hundred day moving average price of $18.91. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62.

APA (NASDAQ:APA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.45 by $0.42. The company had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.03 billion. APA had a return on equity of 20.98% and a net margin of 10.53%.The business's revenue was down 14.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.17 EPS. As a group, sell-side analysts predict that APA will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of APA. GAMMA Investing LLC boosted its position in shares of APA by 3,303.0% in the 1st quarter. GAMMA Investing LLC now owns 268,194 shares of the company's stock valued at $5,637,000 after purchasing an additional 260,313 shares during the period. Fifth Third Bancorp boosted its position in shares of APA by 14.5% in the 1st quarter. Fifth Third Bancorp now owns 26,137 shares of the company's stock valued at $549,000 after purchasing an additional 3,306 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of APA by 11.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 207,210 shares of the company's stock valued at $4,378,000 after purchasing an additional 21,630 shares during the period. Envestnet Asset Management Inc. lifted its stake in APA by 34.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 269,512 shares of the company's stock worth $5,665,000 after acquiring an additional 68,725 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its stake in APA by 2,709.8% in the 1st quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after acquiring an additional 1,382 shares in the last quarter. Institutional investors own 83.01% of the company's stock.

APA Company Profile

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.

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