Northern Trust Corp Sells 78,769 Shares of APA Corporation $APA

Key Points

• Northern Trust Corp reduced its stake in APA Corporation by 2.0%, selling 78,769 shares and now holding approximately 3.95 million shares worth $82.96 million.
• Institutional investors own 83.01% of APA shares, with significant recent purchases from MetLife, State of Tennessee Department of Treasury, and HSBC Holdings, among others.
• APA's stock price increased by 4.9% recently, and the company reported earnings of $0.87 per share, exceeding analysts' expectations of $0.45 per share.

Northern Trust Corp reduced its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 2.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,946,652 shares of the company's stock after selling 78,769 shares during the quarter. Northern Trust Corp owned 1.09% of APA worth $82,959,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC grew its holdings 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 valued at $30,000 after buying an additional 1,382 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of APA by 499.2% in the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock worth $32,000 after purchasing an additional 1,288 shares during the last quarter. Siemens Fonds Invest GmbH purchased a new stake in shares of APA in the fourth quarter worth approximately $42,000. LRI Investments LLC purchased a new stake in shares of APA in the fourth quarter worth approximately $44,000. Finally, Allworth Financial LP raised its stake in shares of APA by 122.5% in the first quarter. Allworth Financial LP now owns 3,084 shares of the company's stock worth $65,000 after purchasing an additional 1,698 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on APA from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Argus raised shares of APA to a "hold" rating in a research report on Friday, May 16th. Cfra Research raised shares of APA to a "hold" rating in a research report on Friday, August 8th. Raymond James Financial reissued an "outperform" rating and set a $26.00 price target (up from $25.00) on shares of APA in a research report on Tuesday, July 22nd. Finally, Cowen reissued a "hold" rating on shares of APA in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $23.72.

APA Stock Performance

APA stock traded up $0.47 during mid-day trading on Wednesday, hitting $22.59. The company had a trading volume of 5,533,459 shares, compared to its average volume of 7,563,233. The firm has a market cap of $8.08 billion, a PE ratio of 7.56, a price-to-earnings-growth ratio of 6.51 and a beta of 1.23. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. APA Corporation has a 12 month low of $13.58 and a 12 month high of $29.47. The stock's fifty day moving average price is $19.60 and its two-hundred day moving average price is $18.95.

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

APA Company 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.