APA Corporation $APA Shares Purchased by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management LLC increased its holding in APA Corporation by 33.3%, acquiring an additional 100,000 shares, which amounts to a total of 400,000 shares valued at approximately $7.3 million.
• APA Corporation reported earnings of $0.87 per share for the last quarter, exceeding analyst expectations of $0.45, along with quarterly revenue of $2.18 billion.
• The company announced a quarterly dividend of $0.25 per share, with a dividend yield of 4.4% and a payout ratio of 33.44% to be paid on November 21st to shareholders recorded by October 22nd.

Pacific Heights Asset Management LLC lifted its position in APA Corporation (NASDAQ:APA - Free Report) by 33.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,000 shares of the company's stock after purchasing an additional 100,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.11% of APA worth $7,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of APA by 2.9% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 36,439,749 shares of the company's stock valued at $765,964,000 after purchasing an additional 1,029,961 shares during the period. Harris Associates L P boosted its position in APA by 1.9% during the first quarter. Harris Associates L P now owns 25,708,527 shares of the company's stock worth $540,393,000 after acquiring an additional 488,530 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in APA by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 13,932,980 shares of the company's stock worth $292,871,000 after acquiring an additional 1,046,893 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in APA by 46.8% during the first quarter. Dimensional Fund Advisors LP now owns 9,080,787 shares of the company's stock worth $190,876,000 after acquiring an additional 2,894,543 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of APA by 43.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company's stock valued at $56,092,000 after purchasing an additional 806,252 shares during the period. 83.01% of the stock is currently owned by institutional investors and hedge funds.

APA Stock Up 0.4%

APA stock opened at $22.58 on Wednesday. The company's 50 day moving average is $22.98 and its two-hundred day moving average is $19.67. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.62. APA Corporation has a twelve month low of $13.58 and a twelve month high of $25.83. The stock has a market cap of $8.08 billion, a P/E ratio of 7.55, a PEG ratio of 6.38 and a beta of 1.16.

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. The company had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.03 billion. APA had a return on equity of 20.98% and a net margin of 10.53%.APA's revenue for the quarter was down 14.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 earnings per share. Research analysts expect that APA Corporation will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Wednesday, October 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, October 22nd. This represents a $1.00 annualized dividend and a dividend yield of 4.4%. APA's dividend payout ratio (DPR) is 33.44%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on APA shares. Royal Bank Of Canada upped their price objective on shares of APA from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Monday, October 13th. Weiss Ratings reissued a "hold (c)" rating on shares of APA in a report on Tuesday, October 14th. Roth Capital increased their target price on shares of APA from $22.00 to $23.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 15th. Wells Fargo & Company increased their target price on shares of APA from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Finally, Piper Sandler raised their price objective on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Four analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $24.74.

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.

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