APA (NASDAQ:APA) Shares Gap Up - Here's Why

APA Co. (NASDAQ:APA - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $19.95, but opened at $20.89. APA shares last traded at $20.76, with a volume of 3,238,868 shares.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on APA. Piper Sandler dropped their target price on shares of APA from $22.00 to $19.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $23.00 target price on shares of APA in a report on Wednesday, March 19th. Susquehanna dropped their price target on shares of APA from $31.00 to $30.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Raymond James reaffirmed an "outperform" rating and set a $25.00 price target (up from $23.00) on shares of APA in a report on Friday, May 30th. Finally, Scotiabank reduced their target price on APA from $26.00 to $14.00 and set a "sector perform" rating for the company in a report on Friday, April 11th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $25.21.

APA Stock Up 5.3%

The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of 2.97 and a beta of 1.25. The firm has a 50-day moving average of $16.88 and a 200 day moving average of $20.08. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 1.24.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.23. The business had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.17 billion. APA had a return on equity of 27.86% and a net margin of 24.36%. The firm's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period last year, the firm posted $0.78 EPS. As a group, sell-side analysts forecast that APA Co. will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Tuesday, July 22nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $1.00 annualized dividend and a yield of 4.76%. APA's dividend payout ratio is presently 35.97%.

Hedge Funds Weigh In On APA

A number of hedge funds have recently made changes to their positions in the stock. Kingsview Wealth Management LLC boosted its position in shares of APA by 10.7% during the fourth quarter. Kingsview Wealth Management LLC now owns 11,366 shares of the company's stock valued at $262,000 after buying an additional 1,101 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of APA by 77.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company's stock valued at $31,000 after purchasing an additional 586 shares during the period. Gladstone Institutional Advisory LLC raised its stake in shares of APA by 55.8% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 13,601 shares of the company's stock valued at $314,000 after purchasing an additional 4,871 shares during the period. Van ECK Associates Corp increased its stake in APA by 0.6% in the 4th quarter. Van ECK Associates Corp now owns 77,110 shares of the company's stock worth $1,780,000 after acquiring an additional 469 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its stake in APA by 0.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 138,991 shares of the company's stock worth $3,070,000 after acquiring an additional 544 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors.

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.