Aberdeen Group plc Sells 52,672 Shares of APA Corporation $APA

Key Points

• Aberdeen Group plc significantly reduced its stake in APA Corporation by 48.6%, selling off 52,672 shares, leaving it with 55,639 shares valued at approximately $1.17 million.
• Multiple institutional investors are modifying their positions in APA, with Golden State Wealth Management LLC increasing its holdings by a remarkable 2,709.8% in the first quarter.
• APA's stock price was reported at $20.63, reflecting a 1.4% increase, and the company achieved an EPS of $0.87, exceeding analysts' expectations for the quarter.

Aberdeen Group plc cut its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 48.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,639 shares of the company's stock after selling 52,672 shares during the quarter. Aberdeen Group plc's holdings in APA were worth $1,166,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of APA. Golden State Wealth Management LLC increased its position in shares of APA by 2,709.8% during the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after buying an additional 1,382 shares during the period. Rakuten Securities Inc. increased its position in shares of APA by 499.2% during the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock worth $32,000 after buying an additional 1,288 shares during the period. Siemens Fonds Invest GmbH acquired a new stake in APA in the fourth quarter worth $42,000. LRI Investments LLC acquired a new stake in APA in the fourth quarter worth $44,000. Finally, Allworth Financial LP increased its stake in APA by 122.5% in the first quarter. Allworth Financial LP now owns 3,084 shares of the company's stock valued at $65,000 after purchasing an additional 1,698 shares in the last quarter. 83.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

APA has been the subject of several research reports. Citigroup raised their target price on APA from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Cowen reaffirmed a "hold" rating on shares of APA in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on APA from $19.00 to $20.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Stephens began coverage on APA in a research report on Tuesday, August 5th. They issued an "equal weight" rating and a $24.00 target price for the company. Finally, Wells Fargo & Company boosted their target price on APA from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $23.72.

APA Stock Up 2.1%

Shares of NASDAQ APA traded up $0.47 during mid-day trading on Wednesday, reaching $22.59. 5,533,459 shares of the company's stock traded hands, compared to its average volume of 7,563,233. The stock has a market cap of $8.08 billion, a P/E ratio of 7.56, a PEG ratio of 6.51 and a beta of 1.23. The business has a 50-day simple moving average of $19.60 and a 200 day simple moving average of $18.95. APA Corporation has a 1-year low of $13.58 and a 1-year high of $29.47. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.80 and a quick ratio of 0.80.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.42. The firm had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.03 billion. APA had a net margin of 10.53% and a return on equity of 20.98%. The business's revenue was down 14.4% on a year-over-year basis. During the same period last year, the company earned $1.17 earnings per share. On average, analysts expect that APA Corporation will post 4.03 EPS for the current fiscal year.

APA 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.