Bank of Nova Scotia Purchases New Position in APA Corporation $APA

Key Points

• Bank of Nova Scotia acquired 26,700 APA shares worth approximately $870,000 during the second quarter. Institutional investors and hedge funds collectively own 83.01% of APA’s stock.
• Analyst sentiment remains mixed: APA has an average “Hold” rating from MarketBeat, with 10 Buy, 16 Hold and four Sell ratings, and an average price target of $41.50.
• APA reported quarterly EPS of $1.89, narrowly missing the $1.90 consensus estimate, while revenue of $2.37 billion came in below forecasts of $2.46 billion.

Bank of Nova Scotia acquired a new position in shares of APA Corporation (NASDAQ:APA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,700 shares of the company's stock, valued at approximately $870,000.

Several other hedge funds also recently modified their holdings of the company. Compass Financial Management LLC acquired a new position in shares of APA in the 2nd quarter worth approximately $33,000. Elevation Point Wealth Partners LLC acquired a new stake in APA during the 2nd quarter valued at $829,000. Commerce Bank acquired a new stake in APA during the 2nd quarter valued at $425,000. Northwestern Mutual Wealth Management Co. bought a new position in APA in the 2nd quarter valued at $3,742,000. Finally, Quantbot Technologies LP bought a new position in APA in the 2nd quarter valued at $1,903,000. Institutional investors and hedge funds own 83.01% of the company's stock.

Wall Street Analysts Forecast Growth

APA has been the topic of a number of recent analyst reports. Mizuho raised APA to a "strong sell" rating in a research note on Friday, July 31st. BMO Capital Markets lowered their target price on APA from $47.00 to $45.00 and set a "market perform" rating for the company in a research note on Wednesday, May 13th. JPMorgan Chase & Co. lifted their price target on APA from $38.00 to $41.00 in a report on Friday, May 8th. UBS Group reduced their price target on shares of APA from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Finally, Capital One Financial increased their price objective on shares of APA from $50.00 to $51.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Ten analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $41.50.

APA Stock Down 0.4%

NASDAQ:APA opened at $41.19 on Thursday. The company has a market cap of $14.43 billion, a price-to-earnings ratio of 8.71, a P/E/G ratio of 0.75 and a beta of 0.35. 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's fifty day moving average price is $36.42 and its two-hundred day moving average price is $36.18. APA Corporation has a 52-week low of $21.57 and a 52-week high of $45.66.

APA (NASDAQ:APA - Get Free Report) last released its 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). The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same period last year, the business posted $0.87 earnings per share. On average, analysts anticipate that APA Corporation will post 5.54 EPS for the current year.

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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