Foundation Resource Management Inc. Acquires 43,444 Shares of APA Corporation $APA

Key Points

• Foundation Resource Management Inc. increased its stake in APA Corporation by 24.6%, now owning 220,040 shares worth $4,025,000, after purchasing an additional 43,444 shares.
• Wall Street analysts remain optimistic about APA, with a consensus price target of $23.78, and ratings including three "Buy," fourteen "Hold," and three "Sell" recommendations.
• APA Corporation recently announced a $0.25 quarterly dividend, resulting in an annualized dividend of $1.00 and a yield of 4.3%.

Foundation Resource Management Inc. grew its position in APA Corporation (NASDAQ:APA - Free Report) by 24.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 220,040 shares of the company's stock after buying an additional 43,444 shares during the period. Foundation Resource Management Inc. owned 0.06% of APA worth $4,025,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in APA. Cullen Investment Group LTD. increased its stake in shares of APA by 5.9% during the second quarter. Cullen Investment Group LTD. now owns 11,497 shares of the company's stock worth $210,000 after buying an additional 637 shares during the period. Comerica Bank lifted its holdings in shares of APA by 0.7% during the first quarter. Comerica Bank now owns 89,616 shares of the company's stock worth $1,884,000 after purchasing an additional 644 shares during the period. Albert D Mason Inc. lifted its holdings in shares of APA by 5.7% during the first quarter. Albert D Mason Inc. now owns 12,261 shares of the company's stock worth $258,000 after purchasing an additional 657 shares during the period. Greenwood Capital Associates LLC lifted its holdings in shares of APA by 2.7% during the first quarter. Greenwood Capital Associates LLC now owns 28,107 shares of the company's stock worth $591,000 after purchasing an additional 730 shares during the period. Finally, Lipe & Dalton lifted its holdings in APA by 3.5% in the first quarter. Lipe & Dalton now owns 23,290 shares of the company's stock valued at $490,000 after acquiring an additional 780 shares during the period. Institutional investors and hedge funds own 83.01% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Scotiabank reiterated a "sector perform" rating and set a $22.00 price objective (up previously from $14.00) on shares of APA in a research report on Friday, July 11th. Cowen reissued a "hold" rating on shares of APA in a research report on Thursday, August 7th. Wells Fargo & Company lifted their price objective on APA from $20.00 to $21.00 and gave the stock an "equal weight" rating in a report on Friday, August 15th. JPMorgan Chase & Co. upped their price objective on APA from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, Roth Capital cut shares of APA from a "buy" rating to a "neutral" rating and set a $22.00 price target on the stock. in a research report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $23.78.

APA Trading Up 0.6%

Shares of APA stock traded up $0.13 during trading on Monday, reaching $23.61. 6,074,085 shares of the company were exchanged, compared to its average volume of 6,647,669. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. APA Corporation has a twelve month low of $13.58 and a twelve month high of $27.48. The business has a 50-day moving average price of $21.00 and a 200-day moving average price of $19.11. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 7.90, a P/E/G ratio of 6.70 and a beta of 1.29.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.42. APA had a return on equity of 20.98% and a net margin of 10.53%.The company had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.03 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. APA's revenue for the quarter was down 14.4% compared to the same quarter last year. Sell-side analysts anticipate that APA Corporation will post 4.03 EPS for the current fiscal year.

APA Announces Dividend

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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, October 22nd. This represents a $1.00 annualized dividend and a yield of 4.2%. APA's payout ratio is presently 33.44%.

APA Company 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.