APA Corporation $APA Stock Position Boosted by CX Institutional

Key Points

• CX Institutional increased its APA position by 20.2% in the third quarter, bringing its holdings to 167,682 shares valued at approximately $6.97 million. Institutional investors collectively own 83.01% of APA’s outstanding stock.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $43.14. Recent targets range from $41 to $48, including upgrades from Argus and UBS Group.
• APA declared a quarterly dividend of $0.25 per share, representing a 2.3% yield, and authorized a 40 million-share repurchase plan. Its latest quarterly results slightly missed estimates, with $1.89 in EPS and $2.37 billion in revenue.

CX Institutional lifted its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 20.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,682 shares of the company's stock after acquiring an additional 28,175 shares during the quarter. CX Institutional's holdings in APA were worth $6,966,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust boosted its position in APA by 9.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,206 shares of the company's stock valued at $104,000 after buying an additional 285 shares during the last quarter. Altshuler Shaham Ltd boosted its holdings in APA by 36.7% in the first quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company's stock valued at $52,000 after purchasing an additional 330 shares during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in APA by 0.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 106,667 shares of the company's stock valued at $2,609,000 after purchasing an additional 375 shares during the last quarter. Waverly Advisors LLC grew its stake in APA by 4.3% during the 2nd quarter. Waverly Advisors LLC now owns 9,849 shares of the company's stock valued at $321,000 after purchasing an additional 405 shares in the last quarter. Finally, Fortitude Family Office LLC increased its holdings in APA by 37.9% during the 2nd quarter. Fortitude Family Office LLC now owns 1,489 shares of the company's stock worth $48,000 after purchasing an additional 409 shares during the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

APA has been the subject of several research analyst reports. UBS Group boosted their target price on shares of APA from $41.00 to $47.00 and gave the stock a "neutral" rating in a research report on Monday, September 14th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $43.00 price objective on shares of APA in a research report on Monday, September 7th. Argus upgraded shares of APA from a "hold" rating to a "buy" rating and set a $48.00 price objective on the stock in a research note on Wednesday, August 19th. Morgan Stanley decreased their target price on APA from $44.00 to $41.00 and set an "underweight" rating for the company in a research note on Friday, June 26th. Finally, Citigroup upped their target price on APA from $38.00 to $44.00 and gave the company a "neutral" rating in a report on Thursday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $43.14.

APA Price Performance

APA opened at $43.68 on Friday. The stock has a fifty day moving average of $41.71 and a 200-day moving average of $38.75. The firm has a market capitalization of $15.30 billion, a P/E ratio of 9.23, a PEG ratio of 0.75 and a beta of 0.42. APA Corporation has a 12-month low of $21.63 and a 12-month high of $47.44. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). The business 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 in the prior year, the firm posted $0.87 EPS. Equities analysts forecast that APA Corporation will post 5.8 EPS for the current fiscal year.

APA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, October 22nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, October 22nd. APA's payout ratio is currently 21.14%.

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

About APA

APA Corporation NASDAQ: APA 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 prospective resources, drilling and completing wells, and managing producing assets across multiple international markets.

APA's operations have historically been concentrated in the Permian Basin of the United States and in Egypt's Western Desert, where it participates in exploration and production activities through joint ventures.

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