Strs Ohio Takes $14.74 Million Position in APA Corporation $APA

Key Points

• Strs Ohio acquired 701,000 shares of APA Corporation, valued at approximately $14.7 million, indicating significant investment interest in the energy sector.
• APA Corporation reported a quarterly earnings per share (EPS) of $0.87, surpassing analyst expectations, despite a 14.4% decrease in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.25, reflecting an annualized dividend yield of 4.4%, which demonstrates its ongoing commitment to returning value to shareholders.

Strs Ohio purchased a new stake in shares of APA Corporation (NASDAQ:APA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 701,000 shares of the company's stock, valued at approximately $14,735,000. Strs Ohio owned about 0.19% of APA at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. WBI Investments LLC bought a new stake in APA during the first quarter worth approximately $1,263,000. Focus Partners Wealth raised its holdings in APA by 10.6% during the first quarter. Focus Partners Wealth now owns 44,833 shares of the company's stock worth $942,000 after purchasing an additional 4,297 shares in the last quarter. Bayforest Capital Ltd raised its holdings in APA by 1,576.6% during the first quarter. Bayforest Capital Ltd now owns 18,979 shares of the company's stock worth $399,000 after purchasing an additional 17,847 shares in the last quarter. MBB Public Markets I LLC bought a new stake in APA during the first quarter worth approximately $322,000. Finally, Sciencast Management LP bought a new stake in APA during the first quarter worth approximately $2,226,000. Institutional investors own 83.01% of the company's stock.

APA Trading Up 7.0%

NASDAQ APA traded up $1.60 on Tuesday, hitting $24.51. 11,222,950 shares of the stock were exchanged, compared to its average volume of 7,899,377. APA Corporation has a 52-week low of $13.58 and a 52-week high of $27.48. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 8.20, a P/E/G ratio of 7.03 and a beta of 1.29. The company's 50-day moving average price is $20.63 and its two-hundred day moving average price is $18.92.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.42. APA had a net margin of 10.53% and a return on equity of 20.98%. The firm had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same period in the previous year, the company posted $1.17 EPS. The company's quarterly revenue was down 14.4% compared to the same quarter last year. Research analysts predict that APA Corporation will post 4.03 EPS for the current year.

APA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Wednesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.1%. The ex-dividend date is Wednesday, October 22nd. APA's payout ratio is presently 33.44%.

Analyst Upgrades and Downgrades

APA has been the topic of several recent analyst reports. Scotiabank reissued a "sector perform" rating and set a $22.00 target price (up previously from $14.00) on shares of APA in a report on Friday, July 11th. Cfra Research upgraded shares of APA to a "hold" rating in a research report on Friday, August 8th. Raymond James Financial restated an "outperform" rating and issued a $28.00 price target (up previously from $26.00) on shares of APA in a research report on Wednesday, September 10th. Stephens started coverage on shares of APA in a research report on Tuesday, August 5th. They issued an "equal weight" rating and a $24.00 price target on the stock. Finally, Cowen restated a "hold" rating on shares of APA in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $23.78.

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.