Allianz Asset Management GmbH Acquires New Position in APA Corporation (NASDAQ:APA)

Key Points

• Allianz Asset Management GmbH acquired 582,998 shares of APA Corporation, amounting to approximately $12,255,000, representing around 0.16% of the company's stock.
• APA Corporation reported a quarterly earnings of $1.06 per share, surpassing the analyst consensus estimate of $0.83, and had a revenue of $2.61 billion for the quarter, which was significantly above expectations.
• The company announced a quarterly dividend of $0.25, set to be paid on August 22nd, with a yield of 5.24% and a payout ratio of 35.97%.

Allianz Asset Management GmbH acquired a new position in shares of APA Corporation (NASDAQ:APA - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 582,998 shares of the company's stock, valued at approximately $12,255,000. Allianz Asset Management GmbH owned 0.16% of APA as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. grew its position in shares of APA by 1,087.9% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company's stock worth $27,000 after buying an additional 1,077 shares during the period. Golden State Wealth Management LLC grew its position in APA by 2,709.8% in the 1st quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock valued at $30,000 after purchasing an additional 1,382 shares during the period. Rakuten Securities Inc. grew its position in APA by 499.2% in the 1st quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after purchasing an additional 1,288 shares during the period. Siemens Fonds Invest GmbH acquired a new stake in APA in the 4th quarter valued at $42,000. Finally, LRI Investments LLC acquired a new stake in APA in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 83.01% of the company's stock.

Wall Street Analyst Weigh In

APA has been the subject of several research reports. Piper Sandler lifted their price target on shares of APA from $19.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reduced their price target on shares of APA from $24.00 to $22.00 and set a "sector perform" rating for the company in a research report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on shares of APA from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Morgan Stanley lifted their price target on shares of APA from $20.00 to $21.00 and gave the company an "underweight" rating in a research report on Friday, May 23rd. Finally, Barclays lifted their price target on shares of APA from $19.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $23.50.

APA Stock Performance

Shares of NASDAQ APA traded down $0.33 during mid-day trading on Tuesday, reaching $19.24. 1,397,056 shares of the company's stock were exchanged, compared to its average volume of 8,008,805. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 6.91, a price-to-earnings-growth ratio of 6.24 and a beta of 1.25. APA Corporation has a 52 week low of $13.58 and a 52 week high of $33.41. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average price of $18.80 and a two-hundred day moving average price of $19.38.

APA (NASDAQ:APA - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.23. The company had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.17 billion. APA had a return on equity of 23.22% and a net margin of 9.75%. The business's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 EPS. Analysts predict that APA Corporation will post 4.03 EPS for the current year.

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Tuesday, July 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date is Tuesday, July 22nd. APA's dividend payout ratio is currently 35.97%.

About APA

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.