Cambria Investment Management L.P. Acquires New Holdings in APA Corporation $APA

Key Points

• Cambria Investment Management opened a new position in APA, buying 378,596 shares valued at about $9.19 million and holding roughly 0.11% of the company at quarter-end.
• Several large institutions also increased stakes— including Dimensional, Charles Schwab, Northern Trust and AQR—leaving institutional ownership at about 83.01%.
• APA beat quarterly EPS estimates ($0.91 vs. $0.62) on $1.99B revenue, announced a $0.25 quarterly dividend (annualized $1.00, ~2.7% yield), and carries a MarketBeat consensus rating of "Hold" with a $30.16 target.

Cambria Investment Management L.P. bought a new position in shares of APA Corporation (NASDAQ:APA - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 378,596 shares of the company's stock, valued at approximately $9,192,000. Cambria Investment Management L.P. owned 0.11% of APA at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of APA by 2.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 14,208,961 shares of the company's stock valued at $259,882,000 after acquiring an additional 275,981 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of APA by 13.6% in the third quarter. Dimensional Fund Advisors LP now owns 14,030,230 shares of the company's stock worth $340,657,000 after purchasing an additional 1,674,739 shares during the last quarter. Northern Trust Corp grew its stake in shares of APA by 29.6% in the third quarter. Northern Trust Corp now owns 4,462,476 shares of the company's stock worth $108,349,000 after purchasing an additional 1,018,326 shares during the last quarter. AQR Capital Management LLC increased its holdings in APA by 157.1% in the second quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company's stock valued at $55,970,000 after purchasing an additional 1,869,891 shares during the period. Finally, First Trust Advisors LP increased its holdings in APA by 23.9% in the second quarter. First Trust Advisors LP now owns 2,710,405 shares of the company's stock valued at $49,573,000 after purchasing an additional 522,947 shares during the period. 83.01% of the stock is owned by institutional investors.

APA Price Performance

APA stock opened at $36.61 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.61. The firm has a market cap of $12.93 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 15.87 and a beta of 0.67. The company's fifty day simple moving average is $28.58 and its 200 day simple moving average is $25.63. APA Corporation has a 12-month low of $13.58 and a 12-month high of $36.77.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.29. APA had a return on equity of 19.89% and a net margin of 15.55%.The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the business posted $0.79 EPS. The business's revenue was down 26.6% compared to the same quarter last year. On average, analysts expect that APA Corporation will post 4.03 earnings per share for the current year.

APA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Wednesday, April 22nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, April 22nd. This represents a $1.00 annualized dividend and a yield of 2.7%. APA's dividend payout ratio (DPR) is currently 25.06%.

Analysts Set New Price Targets

Several research analysts have commented on APA shares. Royal Bank Of Canada lifted their target price on APA from $26.00 to $29.00 and gave the stock a "sector perform" rating in a report on Thursday, March 5th. Zacks Research raised APA from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 26th. Morgan Stanley lowered their price objective on APA from $23.00 to $21.00 and set an "underweight" rating for the company in a research report on Friday, January 23rd. The Goldman Sachs Group lifted their price objective on APA from $23.00 to $29.00 and gave the stock a "sell" rating in a research note on Wednesday, March 11th. Finally, Evercore upped their target price on APA from $21.00 to $25.00 in a report on Thursday, February 26th. Seven equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, APA presently has a consensus rating of "Hold" and a consensus target price of $30.16.

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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