APA (NASDAQ:APA) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• APA reported quarterly EPS of $1.89, narrowly missing the $1.90 consensus estimate by $0.01. The company posted a 20.70% return on equity and a 17.38% net margin.
• APA shares fell 3.2% to $34.66 during Wednesday trading. Analysts maintain an average “Hold” rating, with an average price target of $40.35.
• The company declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield; the dividend payout ratio is 23.31%.

APA (NASDAQ:APA - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01), Zacks reports. APA had a return on equity of 20.70% and a net margin of 17.38%.

APA Stock Down 3.2%

Shares of NASDAQ:APA traded down $1.14 during trading on Wednesday, hitting $34.66. 5,386,849 shares of the company's stock traded hands, compared to its average volume of 7,041,397. APA has a 52 week low of $17.86 and a 52 week high of $45.66. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58. The company has a market cap of $12.25 billion, a price-to-earnings ratio of 8.08 and a beta of 0.35. The company has a 50-day moving average price of $35.14 and a 200-day moving average price of $34.53.

APA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. APA's dividend payout ratio (DPR) is currently 23.31%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on APA. Scotiabank raised their price target on APA from $26.00 to $36.00 and gave the stock a "sector perform" rating in a research report 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. Zacks Research cut APA from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. UBS Group cut their price target on shares of APA from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Finally, Barclays boosted their price objective on shares of APA from $35.00 to $41.00 and gave the company an "equal weight" rating in a report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $40.35.

Insider Activity

In related news, VP Mark D. Maddox sold 9,800 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president directly owned 66,810 shares of the company's stock, valued at approximately $2,675,072.40. This represents a 12.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of APA. Dimensional Fund Advisors LP increased its position in shares of APA by 9.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,321,936 shares of the company's stock worth $374,786,000 after acquiring an additional 1,291,706 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in APA by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,710,034 shares of the company's stock valued at $359,807,000 after acquiring an additional 285,542 shares in the last quarter. Morgan Stanley boosted its stake in APA by 21.8% in the 4th quarter. Morgan Stanley now owns 10,425,586 shares of the company's stock worth $255,010,000 after purchasing an additional 1,864,900 shares during the period. Northern Trust Corp boosted its stake in APA by 29.6% in the 3rd quarter. Northern Trust Corp now owns 4,462,476 shares of the company's stock worth $108,349,000 after purchasing an additional 1,018,326 shares during the period. Finally, AQR Capital Management LLC increased its holdings in APA by 157.1% during the 2nd quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company's stock worth $55,970,000 after purchasing an additional 1,869,891 shares in the last quarter. 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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