Cibc World Market Inc. Buys Shares of 49,195 APA Corporation $APA

Key Points

• CIBC World Market Inc. acquired 49,195 shares of APA Corporation during the second quarter, valued at approximately $1.6 million. Institutional investors collectively own 83.01% of APA’s stock.
• APA reported quarterly earnings of $1.89 per share, narrowly missing estimates of $1.90, while revenue of $2.37 billion fell short of the $2.46 billion consensus forecast.
• Analyst sentiment remains mixed: APA has an average “Hold” rating and a $41.50 price target, compared with its reported share price of $42.38.

Cibc World Market Inc. bought a new stake in APA Corporation (NASDAQ:APA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 49,195 shares of the company's stock, valued at approximately $1,602,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hollencrest Capital Management boosted its position in shares of APA by 520.8% during the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after acquiring an additional 500 shares in the last quarter. Cedar Mountain Advisors LLC bought a new position in APA in the first quarter valued at approximately $28,000. Summit Securities Group LLC raised its position in APA by 115.1% during the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock valued at $32,000 after purchasing an additional 710 shares in the last quarter. MidFirst Bank acquired a new position in APA during the second quarter valued at approximately $33,000. Finally, Compass Financial Management LLC acquired a new position in APA during the second quarter valued at approximately $33,000. Institutional investors own 83.01% of the company's stock.

APA Price Performance

Shares of NASDAQ:APA opened at $42.38 on Friday. The company has a market cap of $14.85 billion, a price-to-earnings ratio of 8.96, a PEG ratio of 0.74 and a beta of 0.35. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50 day simple moving average of $36.61 and a 200 day simple moving average of $36.28. APA Corporation has a one year low of $21.57 and a one year high of $45.66.

APA (NASDAQ:APA - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). The company 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 quarter in the prior year, the business earned $0.87 EPS. Research analysts predict that APA Corporation will post 5.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on APA shares. Barclays reduced their target price on APA from $41.00 to $40.00 and set an "equal weight" rating on the stock in a report on Monday, August 17th. Benchmark boosted their price target on APA from $40.00 to $46.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Raymond James Financial lowered their price target on APA from $57.00 to $50.00 and set an "outperform" rating for the company in a report on Monday, July 13th. The Goldman Sachs Group reduced their price objective on APA from $34.00 to $32.00 and set a "sell" rating on the stock in a research note on Tuesday, June 30th. Finally, Argus upgraded APA from a "hold" rating to a "buy" rating and set a $48.00 target price on the stock in a research report on Wednesday, August 19th. Ten 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $41.50.

About APA

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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