APA Corporation $APA Stock Position Increased by CIBC Asset Management Inc

Key Points

• CIBC Asset Management increased its APA Corporation position by 69.2% in the fourth quarter, lifting its stake to 79,362 shares worth about $1.94 million.
• APA reported better-than-expected Q1 earnings of $1.38 per share versus $1.11 expected, with revenue of $2.33 billion beating estimates as well. The company also said revenue was down 11.7% year over year.
• The company announced a quarterly dividend of $0.25 per share, equal to a $1.00 annual rate and a 2.7% yield. APA’s stock was up 3.0% on the day, and analysts currently have a consensus rating of Hold with an average price target of $40.96.

CIBC Asset Management Inc boosted its position in APA Corporation (NASDAQ:APA - Free Report) by 69.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 79,362 shares of the company's stock after purchasing an additional 32,456 shares during the quarter. CIBC Asset Management Inc's holdings in APA were worth $1,941,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in APA in the 3rd quarter valued at about $34,000. Camelot Portfolios LLC bought a new stake in APA in the 4th quarter valued at about $37,000. Community Bank N.A. bought a new stake in shares of APA during the 3rd quarter worth about $43,000. Cary Street Partners Investment Advisory LLC bought a new stake in shares of APA during the 4th quarter worth about $47,000. Finally, Virtus Advisers LLC bought a new stake in shares of APA during the 3rd quarter worth about $57,000. 83.01% of the stock is currently owned by institutional investors.

APA Stock Up 3.0%

APA stock opened at $37.66 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58. The firm's 50-day moving average is $38.79 and its two-hundred day moving average is $31.72. APA Corporation has a 52 week low of $17.74 and a 52 week high of $45.66. The company has a market capitalization of $13.31 billion, a price-to-earnings ratio of 8.78 and a beta of 0.34.

APA (NASDAQ:APA - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm earned $1.06 EPS. The business's revenue for the quarter was down 11.7% on a year-over-year basis. On average, analysts forecast that APA Corporation will post 5.18 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Wednesday, July 22nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 22nd. APA's payout ratio is presently 23.31%.

Insider Buying and Selling

In related news, VP Mark D. Maddox sold 9,800 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total value of $392,392.00. Following the sale, the vice president directly owned 66,810 shares in the company, valued at $2,675,072.40. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Regis Bob sold 23,000 shares of the business's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the completion of the sale, the director owned 6,634 shares in the company, valued at $240,349.82. The trade was a 77.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.73% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on APA. Roth Mkm boosted their price target on shares of APA from $27.00 to $37.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Mizuho boosted their price target on shares of APA from $32.00 to $36.00 and gave the stock an "underperform" rating in a research report on Wednesday, May 27th. Piper Sandler boosted their price target on shares of APA from $30.00 to $37.00 and gave the stock a "neutral" rating in a research report on Thursday, March 12th. Wells Fargo & Company boosted their price target on shares of APA from $21.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. Finally, Bank of America boosted their price target on shares of APA from $23.00 to $27.00 and gave the stock an "underperform" rating in a research report on Monday, March 16th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, APA currently has a consensus rating of "Hold" and an average price target of $40.96.

APA Profile

APA Corporation NASDAQ: APA is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA's largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.

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