28,457 APA Corporation $APA Shares Bought by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board increased its APA stake by 272.7% in the third quarter, buying 28,457 additional shares and bringing its holdings to 38,891 shares valued at approximately $1.62 million.
• APA shares opened at $52.82, near their 52-week high of $52.96. Institutional investors own approximately 83.01% of the company, while APA has authorized a buyback of up to 40 million shares.
• APA reported quarterly revenue of $2.37 billion and EPS of $1.89, slightly below analyst expectations. The company also declared a quarterly dividend of $0.25 per share, while analysts maintain a consensus “Hold” rating with a $44.76 price target.

North Dakota State Investment Board raised its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 272.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,891 shares of the company's stock after purchasing an additional 28,457 shares during the quarter. North Dakota State Investment Board's holdings in APA were worth $1,616,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Two Sigma Securities LLC bought a new stake in APA during the second quarter worth approximately $835,000. Engineers Gate Manager LP purchased a new stake in APA during the second quarter valued at approximately $1,468,000. Core Capital Management & Research inc. purchased a new stake in APA during the second quarter valued at approximately $5,800,000. Tidal Investments LLC lifted its stake in shares of APA by 30.3% in the 2nd quarter. Tidal Investments LLC now owns 276,070 shares of the company's stock valued at $8,992,000 after purchasing an additional 64,266 shares during the last quarter. Finally, Madison Asset Management LLC bought a new stake in shares of APA in the 2nd quarter valued at approximately $10,703,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Stock Performance

APA stock opened at $52.82 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. APA Corporation has a 1-year low of $21.63 and a 1-year high of $52.96. The firm has a market capitalization of $18.51 billion, a P/E ratio of 11.17, a price-to-earnings-growth ratio of 0.80 and a beta of 0.42. The company's 50-day moving average is $45.55 and its 200 day moving average is $37.58.

APA (NASDAQ:APA - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The business had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter last year, the firm earned $0.87 EPS. Research analysts forecast that APA Corporation will post 6.46 EPS for the current year.

APA announced that its board has authorized a share repurchase program on Wednesday, September 16th that allows the company to buy back 40,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, October 22nd will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, October 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 1.9%. APA's payout ratio is presently 21.14%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Citigroup lifted their target price on APA from $38.00 to $44.00 and gave the stock a "neutral" rating in a report on Thursday, August 20th. Stifel Nicolaus assumed coverage on APA in a report on Wednesday, September 9th. They set a "buy" rating and a $62.00 price target on the stock. Roth Capital set a $39.00 price target on APA in a research report on Thursday, August 6th. Seaport Research Partners initiated coverage on APA in a research report on Thursday, September 3rd. They issued a "neutral" rating for the company. Finally, Barclays dropped their price objective on shares of APA from $41.00 to $40.00 and set an "equal weight" rating for the company in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $44.76.

APA Company Profile

APA Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company's activities include identifying hydrocarbon resources, drilling and completing wells, operating producing properties, and managing related infrastructure.

APA's principal producing areas include the Permian Basin in the United States and Egypt's Western Desert, where it operates through joint ventures with the Egyptian General Petroleum Corporation.

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