Griffin Asset Management Inc. Sells 106,407 Shares of APA Co. (NASDAQ:APA)

Griffin Asset Management Inc. lowered its stake in shares of APA Co. (NASDAQ:APA - Free Report) by 79.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,000 shares of the company's stock after selling 106,407 shares during the quarter. Griffin Asset Management Inc.'s holdings in APA were worth $568,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Brown Brothers Harriman & Co. boosted its holdings in APA by 1,087.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company's stock worth $27,000 after purchasing an additional 1,077 shares during the period. Riverview Trust Co boosted its holdings in APA by 5,718.2% in the fourth quarter. Riverview Trust Co now owns 1,280 shares of the company's stock worth $30,000 after purchasing an additional 1,258 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in APA by 77.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company's stock worth $31,000 after purchasing an additional 586 shares during the period. Runnymede Capital Advisors Inc. acquired a new position in APA in the fourth quarter worth $35,000. Finally, Siemens Fonds Invest GmbH acquired a new position in APA in the fourth quarter worth $42,000. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Price Performance

NASDAQ:APA traded up $1.06 during mid-day trading on Friday, reaching $21.01. 13,064,037 shares of the stock were exchanged, compared to its average volume of 7,082,056. The business has a fifty day moving average price of $16.88 and a 200 day moving average price of $20.08. The firm has a market capitalization of $7.60 billion, a PE ratio of 2.97 and a beta of 1.25. APA Co. has a 1-year low of $13.58 and a 1-year high of $33.41. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.23. The firm had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.17 billion. APA had a return on equity of 27.86% and a net margin of 24.36%. APA's revenue was up 35.1% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. Research analysts expect that APA Co. will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Tuesday, July 22nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $1.00 annualized dividend and a yield of 4.76%. APA's dividend payout ratio (DPR) is presently 35.97%.

Analyst Ratings Changes

APA has been the topic of a number of recent research reports. Citigroup raised their target price on APA from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, May 19th. Wells Fargo & Company cut their target price on APA from $25.00 to $23.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 26th. Susquehanna cut their target price on APA from $31.00 to $30.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Mizuho cut their target price on APA from $20.00 to $19.00 and set an "underperform" rating on the stock in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. cut their target price on APA from $23.00 to $20.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, APA presently has an average rating of "Hold" and an average price target of $25.21.

About APA

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.