APA (NASDAQ:APA) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Key Points

• BMO Capital Markets has raised its price target for APA from $28.00 to $30.00, indicating a potential upside of 31.46% from the current stock price, while maintaining a "market perform" rating.
• APA's recent quarterly earnings surpassed expectations, reporting $0.87 EPS against a consensus estimate of $0.45, despite a year-over-year revenue decline of 14.4%.
• Institutional investors have significantly increased their holdings in APA, with several firms boosting their stakes by over 500% in recent quarters, reflecting strong institutional interest in the company.

APA (NASDAQ:APA - Get Free Report) had its price target boosted by analysts at BMO Capital Markets from $28.00 to $30.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has a "market perform" rating on the stock. BMO Capital Markets' price target suggests a potential upside of 31.46% from the stock's current price.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley boosted their price target on APA from $22.00 to $23.00 and gave the company an "underweight" rating in a research note on Monday, August 18th. Cowen restated a "hold" rating on shares of APA in a research report on Thursday, August 7th. Raymond James Financial reiterated an "outperform" rating and issued a $28.00 price target (up previously from $26.00) on shares of APA in a research note on Wednesday, September 10th. Stephens initiated coverage on APA in a research report on Tuesday, August 5th. They issued an "equal weight" rating and a $24.00 target price on the stock. Finally, Barclays raised their price target on shares of APA from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $24.05.

APA Trading Up 4.0%

APA stock opened at $22.82 on Monday. The stock has a 50-day simple moving average of $22.58 and a 200 day simple moving average of $19.52. The stock has a market capitalization of $8.16 billion, a P/E ratio of 7.63, a PEG ratio of 6.31 and a beta of 1.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. APA has a 52 week low of $13.58 and a 52 week high of $26.98.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.42. APA had a return on equity of 20.98% and a net margin of 10.53%.The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm posted $1.17 EPS. The company's quarterly revenue was down 14.4% on a year-over-year basis. Analysts expect that APA will post 4.03 earnings per share for the current year.

Institutional Investors Weigh In On APA

Several institutional investors and hedge funds have recently made changes to their positions in APA. Golden State Wealth Management LLC lifted its stake 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 worth $30,000 after acquiring an additional 1,382 shares during the period. Rakuten Securities Inc. raised its stake in APA by 499.2% during the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock worth $32,000 after buying an additional 1,288 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in APA by 144.9% in the second quarter. TD Private Client Wealth LLC now owns 1,866 shares of the company's stock valued at $34,000 after buying an additional 1,104 shares during the period. CVA Family Office LLC raised its position in shares of APA by 6,096.7% in the 2nd quarter. CVA Family Office LLC now owns 1,859 shares of the company's stock worth $34,000 after acquiring an additional 1,829 shares in the last quarter. Finally, MAI Capital Management lifted its stake in shares of APA by 76.5% in the 2nd quarter. MAI Capital Management now owns 2,134 shares of the company's stock valued at $39,000 after purchasing an additional 925 shares during the period. Institutional investors and hedge funds own 83.01% of the company's stock.

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.

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