GAMMA Investing LLC Raises Position in APA Corporation $APA

Key Points

• GAMMA Investing LLC increased its stake in APA Corporation by 193.8%, owning 37,492 shares valued at approximately $686,000 after acquiring an additional 24,733 shares in the second quarter.
• APA Corporation recently posted earnings of $0.87 per share, exceeding analyst expectations, despite a revenue decline of 14.4% year-over-year.
• The company announced a quarterly dividend of $0.25 per share, representing an annualized yield of 4.1%, with the dividend payout ratio at 33.44%.

GAMMA Investing LLC raised its holdings in APA Corporation (NASDAQ:APA - Free Report) by 193.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,492 shares of the company's stock after acquiring an additional 24,733 shares during the period. GAMMA Investing LLC's holdings in APA were worth $686,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC raised its holdings in APA by 2.9% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 36,439,749 shares of the company's stock valued at $765,964,000 after acquiring an additional 1,029,961 shares during the last quarter. Harris Associates L P raised its holdings in APA by 1.9% in the 1st quarter. Harris Associates L P now owns 25,708,527 shares of the company's stock valued at $540,393,000 after acquiring an additional 488,530 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in APA by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,932,980 shares of the company's stock valued at $292,871,000 after acquiring an additional 1,046,893 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in APA by 46.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,080,787 shares of the company's stock valued at $190,876,000 after acquiring an additional 2,894,543 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 806,252 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Stock Up 1.8%

APA stock opened at $24.42 on Thursday. APA Corporation has a fifty-two week low of $13.58 and a fifty-two week high of $27.48. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a 50 day moving average price of $21.24 and a 200 day moving average price of $19.18. The company has a market capitalization of $8.74 billion, a PE ratio of 8.17, a price-to-earnings-growth ratio of 6.84 and a beta of 1.29.

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

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Wednesday, October 22nd will be issued a $0.25 dividend. 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 (DPR) is 33.44%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of APA from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Cowen reaffirmed a "hold" rating on shares of APA in a research report on Thursday, August 7th. Wells Fargo & Company lifted their price target on shares of APA from $20.00 to $21.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Piper Sandler lifted their price target on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, August 14th. Finally, Barclays lifted their price target on shares of APA from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, APA has a consensus rating of "Hold" and a consensus price target 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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