Capital One Financial Boosts APA (NASDAQ:APA) Price Target to $32.00

Key Points

• Capital One Financial raised its price target on APA from $31 to $32 and maintained an overweight rating, implying only about a 0.57% upside from the prior close.
• Analyst coverage is mixed: the consensus rating is a Hold with an average target of $29.63, based on 7 Buys, 17 Holds and 4 Sells.
• APA beat quarterly expectations with EPS of $0.91 (vs. $0.62 expected) and revenue of $1.99B (vs. $1.89B expected) despite revenue falling 26.6% YoY; the stock trades at a P/E of 7.97 and has a market cap of $11.24 billion.

APA (NASDAQ:APA - Get Free Report) had its price target hoisted by equities research analysts at Capital One Financial from $31.00 to $32.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has an "overweight" rating on the stock. Capital One Financial's price target suggests a potential upside of 0.57% from the stock's previous close.

APA has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of APA in a research note on Monday, December 29th. TD Cowen upgraded shares of APA to a "hold" rating in a research note on Monday, February 9th. Benchmark raised their target price on shares of APA from $33.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, March 5th. Jefferies Financial Group upped their price target on shares of APA from $22.00 to $26.00 in a research report on Monday. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $31.00 price target on shares of APA in a report on Monday, November 24th. Seven analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $29.63.

APA Price Performance

NASDAQ:APA opened at $31.82 on Wednesday. The company's 50-day moving average is $27.34 and its two-hundred day moving average is $25.15. 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 firm has a market cap of $11.24 billion, a price-to-earnings ratio of 7.97, a price-to-earnings-growth ratio of 16.90 and a beta of 0.67. APA has a 12-month low of $13.58 and a 12-month high of $33.78.

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, beating the consensus estimate of $0.62 by $0.29. APA had a return on equity of 19.89% and a net margin of 15.55%.The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted $0.79 EPS. APA's revenue was down 26.6% on a year-over-year basis. Research analysts expect that APA will post 4.03 EPS for the current year.

Institutional Investors Weigh In On APA

A number of institutional investors have recently modified their holdings of APA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in APA by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company's stock worth $700,000 after purchasing an additional 2,070 shares in the last quarter. NewEdge Advisors LLC lifted its stake in APA by 49.6% during the first quarter. NewEdge Advisors LLC now owns 10,785 shares of the company's stock worth $227,000 after purchasing an additional 3,578 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in APA by 43.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company's stock worth $56,092,000 after purchasing an additional 806,252 shares during the period. Focus Partners Wealth increased its stake in APA by 10.6% during the first quarter. Focus Partners Wealth now owns 44,833 shares of the company's stock valued at $942,000 after purchasing an additional 4,297 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. raised its holdings in shares of APA by 25.9% during the second quarter. Resona Asset Management Co. Ltd. now owns 4,230 shares of the company's stock worth $79,000 after purchasing an additional 871 shares during the period. Institutional investors and hedge funds 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.

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