Counterpoint Mutual Funds LLC Makes New Investment in APA Corporation $APA

Key Points

• Counterpoint Mutual Funds LLC acquired 217,595 APA shares worth approximately $7.1 million, while institutional investors and hedge funds collectively owned 83.01% of the company.
• APA reported quarterly EPS of $1.89, slightly below the $1.90 consensus, while revenue of $2.37 billion also fell short of analyst estimates of $2.46 billion.
• APA declared a quarterly dividend of $0.25 per share, equating to an annualized dividend of $1.00 and a 2.5% yield; analysts maintain a consensus “Hold” rating with a $41.30 target price.

Counterpoint Mutual Funds LLC acquired a new stake in APA Corporation (NASDAQ:APA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 217,595 shares of the company's stock, valued at approximately $7,087,000. Counterpoint Mutual Funds LLC owned about 0.06% of APA at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of APA by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company's stock worth $700,000 after acquiring an additional 2,070 shares during the last quarter. NewEdge Advisors LLC raised its position in APA by 49.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,785 shares of the company's stock valued at $227,000 after purchasing an additional 3,578 shares during the last quarter. Goldman Sachs Group Inc. raised its position in APA by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company's stock valued at $56,092,000 after purchasing an additional 806,252 shares during the last quarter. Focus Partners Wealth raised its position in APA by 10.6% in the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company's stock valued at $942,000 after purchasing an additional 4,297 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in APA during the 2nd quarter worth $5,199,000. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Stock Performance

NASDAQ:APA opened at $39.97 on Thursday. The firm's fifty day moving average price is $35.28 and its 200 day moving average price is $35.06. APA Corporation has a 1-year low of $19.96 and a 1-year high of $45.66. 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 market cap of $14.00 billion, a price-to-earnings ratio of 8.45 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share (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 in the prior year, the firm posted $0.87 earnings per share. On average, sell-side analysts expect that APA Corporation will post 5.16 EPS for the current year.

APA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Wednesday, July 22nd. APA's payout ratio is 21.14%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on APA. Mizuho raised shares of APA to a "strong sell" rating in a research report on Friday, July 31st. Raymond James Financial reduced their target price on shares of 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 decreased their target price on shares of APA from $34.00 to $32.00 and set a "sell" rating for the company in a research note on Tuesday, June 30th. Sanford C. Bernstein raised their price target on APA from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Wednesday, May 20th. Finally, Citigroup restated a "neutral" rating on shares of APA in a research report on Tuesday, July 21st. Ten investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, APA has a consensus rating of "Hold" and a consensus target price of $41.30.

Insider Transactions at APA

In related news, VP Mark D. Maddox sold 9,800 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the transaction, the vice president directly owned 66,810 shares of the company's stock, valued at $2,675,072.40. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.73% of the stock is owned by corporate insiders.

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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