APA (NASDAQ:APA) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised APA's price target to $45 (from $29) and kept a "sector perform" rating, implying roughly a 20.6% upside from the prior close.
• Analyst consensus remains "Hold" — MarketBeat shows 7 Buys, 20 Holds and 4 Sells with an average target of $36.54, reflecting mixed views despite several recent target hikes.
• APA beat quarterly EPS estimates ($0.91 vs. $0.62) with $1.99B revenue, although revenue fell 26.6% year-over-year; the stock trades near $37.32 with a P/E of 9.41 and a 52-week range of $13.58–$45.66.

APA (NASDAQ:APA - Get Free Report) had its price target raised by equities researchers at Royal Bank Of Canada from $29.00 to $45.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 20.59% from the stock's previous close.

A number of other analysts have also weighed in on APA. JPMorgan Chase & Co. upped their price target on shares of APA from $29.00 to $38.00 and gave the stock a "neutral" rating in a research note on Friday, March 20th. Mizuho increased their price target on APA from $24.00 to $29.00 and gave the company an "underperform" rating in a research note on Tuesday, March 17th. Barclays raised APA from an "underweight" rating to an "equal weight" rating and set a $35.00 price target for the company in a research note on Monday, March 23rd. Wolfe Research increased their price target on APA from $45.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday. Finally, Morgan Stanley increased their price target on APA from $22.00 to $43.00 and gave the company an "underweight" rating in a research note on Friday, March 27th. Seven research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $36.54.

APA Stock Down 13.1%

APA stock opened at $37.32 on Wednesday. The stock has a market cap of $13.18 billion, a price-to-earnings ratio of 9.41 and a beta of 0.49. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The company's 50-day moving average price is $33.05 and its two-hundred day moving average price is $27.47. APA has a 52 week low of $13.58 and a 52 week high of $45.66.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.29. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.89 billion. APA had a net margin of 15.55% and a return on equity of 19.89%. The business's revenue for the quarter was down 26.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.79 EPS. On average, analysts expect that APA will post 4.03 EPS for the current fiscal year.

Insider Activity

In other news, Director Matthew Regis Bob sold 23,000 shares of APA stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total value of $833,290.00. Following the transaction, the director owned 6,634 shares of the company's stock, valued at $240,349.82. The trade was a 77.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. United Capital Management of KS Inc. acquired a new position in shares of APA in the third quarter worth about $1,214,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of APA by 869.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 194,418 shares of the company's stock worth $4,872,000 after buying an additional 174,369 shares during the period. Jackson Creek Investment Advisors LLC acquired a new position in shares of APA in the third quarter worth about $2,337,000. AE Wealth Management LLC boosted its holdings in shares of APA by 2,049.4% in the third quarter. AE Wealth Management LLC now owns 403,511 shares of the company's stock worth $9,797,000 after buying an additional 384,738 shares during the period. Finally, D.A. Davidson & CO. acquired a new position in shares of APA in the third quarter worth about $1,828,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

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.

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