Bank of America Corp DE Makes New Investment in APA Corporation $APA

Key Points

• Bank of America acquired 1.44 million APA shares worth approximately $47 million in the second quarter, giving it a 0.41% stake. Institutional investors collectively own 83.01% of APA.
• APA’s latest quarterly results slightly missed expectations, with $1.89 in EPS versus $1.90 forecast and revenue of $2.37 billion versus $2.46 billion expected. The stock recently traded at $44.87, near its 12-month high of $47.44.
• The board authorized a 40 million-share repurchase program, while APA declared a quarterly dividend of $0.25 per share. Despite several analyst upgrades, the stock carries a consensus “Hold” rating with a $42.97 price target.

Bank of America Corp DE acquired a new stake in APA Corporation (NASDAQ:APA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,442,984 shares of the company's stock, valued at approximately $46,998,000. Bank of America Corp DE owned about 0.41% of APA at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of APA. Hollencrest Capital Management raised its stake in APA by 520.8% during the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after acquiring an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC purchased a new position in shares of APA in the 1st quarter valued at approximately $28,000. MidFirst Bank purchased a new position in shares of APA in the 2nd quarter valued at approximately $33,000. Compass Financial Management LLC acquired a new position in shares of APA in the second quarter valued at approximately $33,000. Finally, Gables Capital Management Inc. acquired a new position in shares of APA in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Stock Performance

NASDAQ:APA opened at $44.87 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $15.72 billion, a P/E ratio of 9.49, a price-to-earnings-growth ratio of 0.79 and a beta of 0.37. The firm has a 50-day moving average price of $40.17 and a two-hundred day moving average price of $38.07. APA Corporation has a twelve month low of $21.63 and a twelve month high of $47.44.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company earned $0.87 earnings per share. As a group, research analysts expect that APA Corporation will post 5.7 earnings per share for the current fiscal year.

APA announced that its board has approved a stock repurchase plan on Wednesday, September 16th that allows the company to repurchase 40,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

APA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Thursday, October 22nd will be issued a $0.25 dividend. The ex-dividend date is Thursday, October 22nd. This represents a $1.00 annualized dividend and a yield of 2.2%. APA's payout ratio is 21.14%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on APA shares. Wall Street Zen upgraded shares of APA from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Benchmark boosted their target price on APA from $40.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Argus raised APA from a "hold" rating to a "buy" rating and set a $48.00 target price for the company in a research note on Wednesday, August 19th. Citigroup raised 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. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and set a $43.00 price target on shares of APA in a research note on Monday, September 7th. Eleven investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, APA presently has a consensus rating of "Hold" and a consensus price target of $42.97.

APA Company Profile

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 operates through subsidiaries and manages upstream assets spanning exploration, drilling, production and related field-development activities.

APA's principal producing operations are in the Permian Basin of the United States and in Egypt. The company has also pursued offshore exploration opportunities in Suriname, where it has participated in drilling and appraisal activities in the country's offshore blocks.

Want to see what other hedge funds are holding APA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for APA Corporation (NASDAQ:APA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.