AEGON ASSET MANAGEMENT UK Plc Buys 222,557 Shares of APA Corporation $APA

Key Points

• AEGON Asset Management UK increased its APA stake by 36.8%, buying 222,557 shares in the third quarter to reach 826,826 shares, valued at about $34.3 million.
• APA reported quarterly EPS of $1.94, beating the $1.60 consensus, while revenue of $2.77 billion topped estimates and rose 30.9% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $45.14. APA also announced a $0.25 quarterly dividend and authorized a buyback of up to 40 million shares.

AEGON ASSET MANAGEMENT UK Plc grew its position in APA Corporation (NASDAQ:APA - Free Report) by 36.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 826,826 shares of the company's stock after purchasing an additional 222,557 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.24% of APA worth $34,346,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management raised its position in shares of APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after acquiring an additional 500 shares during the period. MidFirst Bank purchased a new stake in APA in the 2nd quarter worth $33,000. Compass Financial Management LLC purchased a new stake in APA in the 2nd quarter worth $33,000. Gables Capital Management Inc. acquired a new position in APA during the second quarter worth $36,000. Finally, Global Assets Advisory LLC acquired a new position in APA during the first quarter worth $44,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APA has been the topic of several research reports. Royal Bank Of Canada raised their price target on shares of APA from $47.00 to $49.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 15th. Seaport Research Partners initiated coverage on shares of APA in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. Zacks Research upgraded shares of APA from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Morgan Stanley lifted their target price on shares of APA from $41.00 to $43.00 and gave the stock an "underweight" rating in a research note on Thursday, October 15th. Finally, Wall Street Zen upgraded APA from a "buy" rating to a "strong-buy" rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, APA has an average rating of "Hold" and a consensus target price of $45.14.

APA Price Performance

Shares of NASDAQ APA opened at $44.55 on Tuesday. The firm has a market capitalization of $15.61 billion, a P/E ratio of 7.23, a PEG ratio of 0.69 and a beta of 0.29. APA Corporation has a one year low of $23.06 and a one year high of $52.96. The company's fifty day moving average is $45.95 and its two-hundred day moving average is $38.17. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.60 by $0.34. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.48 billion. APA had a net margin of 23.08% and a return on equity of 28.97%. The business's revenue was up 30.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 EPS. Analysts forecast that APA Corporation will post 6.52 EPS for the current fiscal year.

APA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, October 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, October 22nd. APA's dividend payout ratio (DPR) is 16.23%.

APA announced that its Board of Directors has approved a share buyback plan on Wednesday, September 16th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Share repurchase plans are typically a sign that the company's board believes its stock is undervalued.

About APA

APA Corporation is an independent energy company that explores for, develops and produces crude oil, natural gas and natural gas liquids. Its activities include operating wells and related infrastructure, as well as evaluating and developing oil and natural gas resources.

The company's principal operating areas include the United States and Egypt. APA also has offshore exploration interests in Suriname, where it has worked with partners to assess resources in the region.

APA traces its history to Apache Corporation, founded in 1954.

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