APA (NASDAQ:APA) Shares Gap Up - Should You Buy?

APA Co. (NASDAQ:APA - Get Free Report) shares 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.

Analyst Ratings Changes

Several analysts recently commented on APA shares. Piper Sandler reduced their target price on APA from $22.00 to $19.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Wells Fargo & Company dropped their price target on shares of APA from $23.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Monday. Royal Bank of Canada decreased their price objective on shares of APA from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Friday, April 11th. Scotiabank dropped their target price on shares of APA from $26.00 to $14.00 and set a "sector perform" rating on the stock in a report on Friday, April 11th. Finally, Raymond James reaffirmed an "outperform" rating and set a $25.00 price target (up previously from $23.00) on shares of APA in a research report on Friday, May 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $24.72.

APA Trading Down 2.4%

The firm has a fifty day simple moving average of $16.88 and a 200-day simple moving average of $20.04. The firm has a market cap of $7.41 billion, a P/E ratio of 2.90 and a beta of 1.25. 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 data on Wednesday, May 7th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.83 by $0.23. APA had a return on equity of 27.86% and a net margin of 24.36%. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company's quarterly revenue was up 35.1% on a year-over-year basis. On average, equities research analysts expect that APA Co. will post 4.03 earnings per share for the current year.

APA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Tuesday, July 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date is Tuesday, July 22nd. APA's dividend payout ratio (DPR) is 35.97%.

Institutional Investors Weigh In On APA

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brown Brothers Harriman & Co. lifted its position in APA by 1,087.9% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company's stock valued at $27,000 after acquiring an additional 1,077 shares in the last quarter. Riverview Trust Co raised its stake in shares of APA by 5,718.2% in the fourth quarter. Riverview Trust Co now owns 1,280 shares of the company's stock worth $30,000 after purchasing an additional 1,258 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of APA by 2,709.8% in the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock valued at $30,000 after purchasing an additional 1,382 shares in the last quarter. Rakuten Securities Inc. lifted its holdings in shares of APA by 499.2% in the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after purchasing an additional 1,288 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of APA during the fourth quarter valued at approximately $35,000. 83.01% of the stock is owned by institutional investors.

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.