Berger Financial Group Inc Cuts Stock Holdings in APA Corporation $APA

Key Points

• Berger Financial Group Inc sharply reduced its APA Corporation stake by 97.3% in the first quarter, selling 245,753 shares and leaving it with 6,813 shares valued at about $289,000.
• APA reported strong quarterly earnings, posting $1.38 EPS versus the $1.11 consensus and revenue of $2.33 billion, though revenue still fell 11.7% year over year.
• The company also announced a quarterly dividend of $0.25 per share to be paid on August 21, implying a 3.1% annual yield, while analysts currently rate the stock a consensus Hold with an average price target of $40.88.

Berger Financial Group Inc lowered its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 97.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,813 shares of the company's stock after selling 245,753 shares during the quarter. Berger Financial Group Inc's holdings in APA were worth $289,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in APA. QRG Capital Management Inc. increased its position in shares of APA by 163.1% during the first quarter. QRG Capital Management Inc. now owns 36,692 shares of the company's stock worth $1,557,000 after purchasing an additional 22,744 shares in the last quarter. HB Wealth Management LLC lifted its holdings in APA by 14.5% in the 1st quarter. HB Wealth Management LLC now owns 30,072 shares of the company's stock valued at $1,276,000 after purchasing an additional 3,807 shares in the last quarter. Baer Investment Advisory LLC acquired a new stake in APA during the 1st quarter worth $866,000. Private Advisor Group LLC boosted its stake in APA by 8.8% during the 1st quarter. Private Advisor Group LLC now owns 52,553 shares of the company's stock worth $2,230,000 after purchasing an additional 4,254 shares during the last quarter. Finally, Optas LLC purchased a new stake in shares of APA during the first quarter worth $247,000. Hedge funds and other institutional investors own 83.01% of the company's stock.

APA Price Performance

Shares of APA stock opened at $32.46 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50-day moving average is $36.48 and its two-hundred day moving average is $32.95. APA Corporation has a 12 month low of $17.86 and a 12 month high of $45.66. The company has a market capitalization of $11.47 billion, a PE ratio of 7.57 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.27. The business had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.13 billion. APA had a net margin of 17.38% and a return on equity of 20.70%. The business's revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.06 EPS. Analysts predict that APA Corporation will post 5.35 earnings per share for the current year.

APA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Wednesday, July 22nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, July 22nd. APA's dividend payout ratio is presently 23.31%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on APA shares. Raymond James Financial raised their price target on shares of APA from $45.00 to $57.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. increased their price objective on shares of APA from $38.00 to $41.00 in a report on Friday, May 8th. Jefferies Financial Group raised their target price on shares of APA from $26.00 to $36.00 and gave the stock a "hold" rating in a research note on Monday, April 13th. Roth Mkm upgraded APA from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $37.00 to $38.00 in a report on Monday, June 22nd. Finally, Morgan Stanley dropped their price target on APA from $44.00 to $41.00 and set an "underweight" rating for the company in a research report on Friday, June 26th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, APA presently has a consensus rating of "Hold" and an average target price of $40.88.

Insider Transactions at APA

In other APA news, VP Mark D. Maddox sold 9,800 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president owned 66,810 shares of the company's stock, valued at $2,675,072.40. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by company insiders.

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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