Assenagon Asset Management S.A. Takes Position in APA Corporation $APA

Key Points

• Assenagon Asset Management purchased 187,237 shares of APA Corporation worth approximately $6.1 million, while institutional investors collectively own 83.01% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $40.50; APA recently traded at $40.62 after reporting quarterly revenue and earnings slightly below expectations.
• APA declared a quarterly dividend of $0.25 per share, equivalent to an annualized dividend of $1.00 and a 2.5% yield.

Assenagon Asset Management S.A. purchased a new stake in APA Corporation (NASDAQ:APA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 187,237 shares of the company's stock, valued at approximately $6,098,000. Assenagon Asset Management S.A. owned about 0.05% of APA at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of APA by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company's stock valued at $700,000 after buying an additional 2,070 shares during the last quarter. NewEdge Advisors LLC increased its position in APA by 49.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,785 shares of the company's stock valued at $227,000 after acquiring an additional 3,578 shares during the period. Goldman Sachs Group Inc. increased its position in APA by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company's stock valued at $56,092,000 after acquiring an additional 806,252 shares during the period. Focus Partners Wealth raised its stake in APA by 10.6% during the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company's stock valued at $942,000 after acquiring an additional 4,297 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in APA during the 2nd quarter valued at approximately $5,199,000. Institutional investors and hedge funds own 83.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on APA shares. JPMorgan Chase & Co. lifted their target price on APA from $38.00 to $41.00 in a research note on Friday, May 8th. Truist Financial upped their price target on APA from $38.00 to $39.00 and gave the stock a "hold" rating in a research note on Monday. Sanford C. Bernstein increased their price target on APA from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Wednesday, May 20th. Roth Capital set a $39.00 price objective on shares of APA in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of APA from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Eight equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $40.50.

APA Trading Down 1.0%

NASDAQ:APA opened at $40.62 on Wednesday. APA Corporation has a 1 year low of $19.84 and a 1 year high of $45.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day moving average price of $35.24 and a two-hundred day moving average price of $34.96. The stock has a market capitalization of $14.36 billion, a price-to-earnings ratio of 8.59 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last posted 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). APA had a return on equity of 24.84% and a net margin of 19.48%.The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the company earned $0.87 earnings per share. As a group, sell-side analysts anticipate that APA Corporation will post 5.03 earnings per share for the current fiscal year.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Wednesday, July 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.5%. APA's payout ratio is currently 21.14%.

Insiders Place Their Bets

In other APA news, VP Mark D. Maddox sold 9,800 shares of the company's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the transaction, the vice president directly owned 66,810 shares in the company, valued at approximately $2,675,072.40. This represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company's stock.

APA Company 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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