APA Corporation $APA Holdings Raised by IFP Advisors Inc

Key Points

• IFP Advisors increased its APA position by 248.8% in the third quarter, holding 28,410 shares valued at approximately $1.18 million. Institutional investors collectively own 83.01% of APA’s outstanding stock.
• APA reported quarterly revenue of $2.37 billion and earnings of $1.89 per share, slightly below analyst expectations, while analysts project full-year EPS of $6.10.
• The company declared a quarterly dividend of $0.25 per share and authorized a 40 million-share buyback. Despite mixed analyst views, APA has an overall consensus rating of “Hold” with a $44.76 price target.

IFP Advisors Inc boosted its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 248.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,410 shares of the company's stock after purchasing an additional 20,264 shares during the period. IFP Advisors Inc's holdings in APA were worth $1,180,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Two Sigma Securities LLC purchased a new position in APA in the second quarter worth approximately $835,000. Engineers Gate Manager LP purchased a new stake in APA in the second quarter valued at $1,468,000. Core Capital Management & Research inc. purchased a new stake in APA in the second quarter valued at $5,800,000. Tidal Investments LLC raised its position in APA by 30.3% in the second 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 period. Finally, Madison Asset Management LLC acquired a new position in shares of APA in the 2nd quarter valued at $10,703,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Price Performance

APA stock opened at $49.44 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $17.32 billion, a PE ratio of 10.45, a P/E/G ratio of 0.81 and a beta of 0.42. APA Corporation has a 12-month low of $21.63 and a 12-month high of $50.49. The business's fifty day moving average price is $44.46 and its 200 day moving average price is $39.42.

APA (NASDAQ:APA - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). The firm had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same quarter last year, the business earned $0.87 earnings per share. On average, sell-side analysts anticipate that APA Corporation will post 6.10 EPS for the current year.

APA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 22nd. APA's dividend payout ratio is currently 21.14%.

APA declared that its board has approved a stock buyback plan on Wednesday, September 16th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Share repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on APA. Benchmark raised their price objective on APA from $40.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $41.00 target price on shares of APA in a research report on Sunday, October 11th. Truist Financial increased their target price on shares of APA from $44.00 to $45.00 and gave the stock a "hold" rating in a research note on Monday, October 12th. Stifel Nicolaus began coverage on shares of APA in a research report on Wednesday, September 9th. They set a "buy" rating and a $62.00 price target for the company. Finally, Scotiabank started coverage on shares of APA in a research note on Wednesday, October 14th. They issued a "sector perform" rating and a $44.00 price target on the stock. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $44.76.

About APA

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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