APA (NASDAQ:APA) Upgraded at The Goldman Sachs Group

Key Points

• APA Corporation was upgraded by The Goldman Sachs Group from a "strong sell" to a "hold" rating, reflecting changing market confidence in the stock.
• Institutional investors are increasing their stakes in APA, with notable increases in holdings from multiple firms, indicating growing interest from professional investors.
• Despite reporting a 10.53% net margin and an EPS of $0.87, APA's revenue declined by 14.4% compared to the previous year, raising concerns over its financial performance amidst a competitive market.

APA (NASDAQ:APA - Get Free Report) was upgraded by investment analysts at The Goldman Sachs Group from a "strong sell" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also issued reports on APA. Weiss Ratings reiterated a "hold (c-)" rating on shares of APA in a report on Saturday, September 27th. Raymond James Financial restated an "outperform" rating and set a $28.00 price target (up previously from $26.00) on shares of APA in a report on Wednesday, September 10th. Cfra Research raised shares of APA to a "hold" rating in a research report on Friday, August 8th. Mizuho reduced their price objective on shares of APA from $19.00 to $18.00 and set an "underperform" rating for the company in a research report on Monday, September 15th. Finally, Wells Fargo & Company raised their price objective on shares of APA from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. Three analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, APA has an average rating of "Hold" and an average target price of $23.24.

APA Trading Up 2.4%

APA stock opened at $25.12 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. The company's 50-day simple moving average is $22.12 and its 200 day simple moving average is $19.43. APA has a 52 week low of $13.58 and a 52 week high of $27.48. The company has a market capitalization of $8.99 billion, a PE ratio of 8.40, a price-to-earnings-growth ratio of 6.99 and a beta of 1.16.

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

Institutional Investors Weigh In On APA

Hedge funds and other institutional investors have recently modified their holdings of the stock. Golden State Wealth Management LLC grew its holdings in shares of APA by 2,709.8% during the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after purchasing an additional 1,382 shares in the last quarter. Rakuten Securities Inc. grew its holdings in shares of 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 purchasing an additional 1,288 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in APA by 144.9% in the second quarter. TD Private Client Wealth LLC now owns 1,866 shares of the company's stock worth $34,000 after buying an additional 1,104 shares in the last quarter. CVA Family Office LLC boosted its stake in APA by 6,096.7% in the second quarter. CVA Family Office LLC now owns 1,859 shares of the company's stock worth $34,000 after buying an additional 1,829 shares in the last quarter. Finally, MAI Capital Management boosted its stake in APA by 76.5% in the second quarter. MAI Capital Management now owns 2,134 shares of the company's stock worth $39,000 after buying an additional 925 shares in the last quarter. 83.01% of the stock is currently 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.

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