Fifth Third Bancorp Increases Stock Position in APA Corporation $APA

Key Points

• Fifth Third Bancorp increased its stake in APA Corporation by 98.7% in Q2, acquiring 25,787 additional shares, bringing its total holdings to 51,924 shares valued at $950,000.
• APA Corporation reported earnings of $0.87 per share for the last quarter, exceeding expectations, with a revenue of $2.18 billion, though revenue was down 14.4% year over year.
• The company recently announced a $0.25 quarterly dividend, resulting in an annual yield of 4.1%, with a payout ratio of 33.44%.

Fifth Third Bancorp boosted its stake in APA Corporation (NASDAQ:APA - Free Report) by 98.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,924 shares of the company's stock after acquiring an additional 25,787 shares during the period. Fifth Third Bancorp's holdings in APA were worth $950,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its position in APA by 2,709.8% in the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock valued at $30,000 after acquiring an additional 1,382 shares during the last quarter. Rakuten Securities Inc. lifted its position in APA by 499.2% in the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after acquiring an additional 1,288 shares during the last quarter. Toth Financial Advisory Corp purchased a new stake in APA in the second quarter valued at $49,000. SVB Wealth LLC purchased a new stake in APA in the first quarter valued at $55,000. Finally, Allworth Financial LP lifted its position in APA by 122.5% in the first quarter. Allworth Financial LP now owns 3,084 shares of the company's stock valued at $65,000 after acquiring an additional 1,698 shares during the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Trading Up 1.4%

Shares of APA stock opened at $24.69 on Monday. APA Corporation has a 52-week low of $13.58 and a 52-week high of $27.48. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. The company's 50-day simple moving average is $21.46 and its 200-day simple moving average is $19.25. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 7.03 and a beta of 1.29.

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

APA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Wednesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.1%. The ex-dividend date is Wednesday, October 22nd. APA's dividend payout ratio is presently 33.44%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on APA. Royal Bank Of Canada reduced their price target on shares of APA from $24.00 to $22.00 and set a "sector perform" rating for the company in a research report on Monday, July 14th. Piper Sandler lifted their price objective on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Scotiabank restated a "sector perform" rating and issued a $22.00 price objective (up from $14.00) on shares of APA in a research note on Friday, July 11th. Barclays lifted their price objective on shares of APA from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. Finally, UBS Group lifted their price objective on shares of APA from $21.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $23.78.

APA Profile

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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