APA (NASDAQ:APA) Stock Price Expected to Rise, Benchmark Analyst Says

Key Points

• Benchmark raised APA’s price target from $40 to $46 and maintained a “Buy” rating, implying 13.24% potential upside from the previous close.
• Analyst sentiment remains mixed: eight analysts rate APA a Buy, 17 a Hold and four a Sell, resulting in a consensus “Hold” rating and a $40.73 target price.
• APA reported quarterly EPS of $1.89, narrowly missing the $1.90 estimate, while revenue of $2.37 billion fell short of the $2.46 billion consensus forecast.

APA (NASDAQ:APA - Get Free Report) had its price objective hoisted by research analysts at Benchmark from $40.00 to $46.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price objective indicates a potential upside of 13.24% from the stock's previous close.

APA has been the topic of a number of other research reports. Raymond James Financial dropped their target price on shares of APA from $57.00 to $50.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Mizuho raised shares of APA to a "strong sell" rating in a research report on Friday, July 31st. Citigroup reissued a "neutral" rating on shares of APA in a research note on Tuesday, July 21st. Truist Financial raised their target price on APA from $38.00 to $39.00 and gave the company a "hold" rating in a report on Monday. Finally, Capital One Financial lifted their target price on APA from $50.00 to $51.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. Eight equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, APA has a consensus rating of "Hold" and a consensus target price of $40.73.

APA Stock Performance

Shares of APA stock opened at $40.62 on Wednesday. The business has a 50-day moving average price of $35.24 and a two-hundred day moving average price of $34.96. APA has a 1-year low of $19.84 and a 1-year high of $45.66. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The company has a market cap of $14.36 billion, a P/E ratio of 8.59 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a return on equity of 24.84% and a net margin of 19.48%.The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the business earned $0.87 EPS. As a group, analysts anticipate that APA will post 5.03 EPS for the current year.

Insider Activity at APA

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in APA. Landscape Capital Management L.L.C. bought a new stake in APA in the 2nd quarter valued at about $4,717,000. EP Wealth Advisors LLC purchased a new stake in shares of APA during the 2nd quarter valued at approximately $902,000. Ieq Capital LLC bought a new position in APA in the 2nd quarter worth approximately $1,539,000. Heron Bay Capital Management purchased a new stake in shares of APA during the second quarter worth $515,000. Finally, Callan Family Office LLC bought a new position in shares of APA in the second quarter worth $291,000. Hedge funds and other institutional investors own 83.01% of the company's stock.

About APA

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source