Bayforest Capital Ltd Raises Stake in APA Corporation $APA

Key Points

• Bayforest Capital Ltd significantly increased its stake in APA Corporation by 1,576.6% during the first quarter, now holding 18,979 shares valued at approximately $399,000.
• APA Corporation's stock experienced a 7.5% increase recently, with current shares trading at around $23.29, while also announcing a quarterly dividend of $0.25.
• Wall Street analysts have mixed ratings on APA with an average rating of "Hold" and a consensus price target of $23.83, reflecting varied sentiment about the company's future performance.

Bayforest Capital Ltd increased its holdings in APA Corporation (NASDAQ:APA - Free Report) by 1,576.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,979 shares of the company's stock after acquiring an additional 17,847 shares during the quarter. Bayforest Capital Ltd's holdings in APA were worth $399,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in APA. Mercer Global Advisors Inc. ADV lifted its stake in APA by 30.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,238 shares of the company's stock worth $306,000 after acquiring an additional 3,074 shares during the period. Deutsche Bank AG raised its holdings in APA by 41.0% in the fourth quarter. Deutsche Bank AG now owns 1,848,470 shares of the company's stock worth $42,681,000 after purchasing an additional 537,943 shares in the last quarter. Ethic Inc. increased its holdings in shares of APA by 75.0% during the fourth quarter. Ethic Inc. now owns 18,471 shares of the company's stock valued at $426,000 after acquiring an additional 7,919 shares in the last quarter. Gotham Asset Management LLC increased its holdings in shares of APA by 57.1% during the fourth quarter. Gotham Asset Management LLC now owns 87,733 shares of the company's stock valued at $2,026,000 after acquiring an additional 31,901 shares in the last quarter. Finally, Jefferies Financial Group Inc. increased its holdings in shares of APA by 459.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 53,538 shares of the company's stock valued at $1,236,000 after acquiring an additional 43,974 shares in the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Trading Up 7.5%

APA stock opened at $23.29 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.62. APA Corporation has a 12 month low of $13.58 and a 12 month high of $27.48. The stock's 50 day simple moving average is $20.42 and its two-hundred day simple moving average is $18.94. The firm has a market cap of $8.33 billion, a PE ratio of 7.79, a P/E/G ratio of 6.43 and a beta of 1.29.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.45 by $0.42. APA had a return on equity of 20.98% and a net margin of 10.53%.The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm posted $1.17 EPS. The business's quarterly revenue was down 14.4% compared to the same quarter last year. Analysts anticipate that APA Corporation will post 4.03 earnings per share for the current year.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Wednesday, October 22nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.3%. The ex-dividend date is Wednesday, October 22nd. APA's dividend payout ratio is currently 33.44%.

Wall Street Analysts Forecast Growth

APA has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, August 14th. Morgan Stanley increased their price target on shares of APA from $22.00 to $23.00 and gave the stock an "underweight" rating in a report on Monday, August 18th. Cfra Research upgraded shares of APA to a "hold" rating in a report on Friday, August 8th. Scotiabank reiterated a "sector perform" rating and issued a $22.00 price target (up previously from $14.00) on shares of APA in a report on Friday, July 11th. Finally, Roth Capital downgraded shares of APA from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $23.83.

About APA

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.

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