Hoertkorn Richard Charles Makes New Investment in APA Corporation $APA

Key Points

• Hoertkorn Richard Charles disclosed a new first-quarter stake in APA Corporation, buying 57,230 shares valued at about $2.43 million. APA now makes up 2.0% of the firm’s holdings.
• APA reported better-than-expected earnings for the latest quarter, posting $1.38 EPS versus the $1.11 estimate and revenue of $2.33 billion, though revenue was still down 11.7% year over year.
• APA also announced a quarterly dividend of $0.25 per share, payable August 21, implying an annualized yield of about 2.9%. The stock recently traded at $35.06, while analysts’ consensus rating remains “Hold” with a $40.88 price target.

Hoertkorn Richard Charles bought a new stake in shares of APA Corporation (NASDAQ:APA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 57,230 shares of the company's stock, valued at approximately $2,429,000. APA accounts for 2.0% of Hoertkorn Richard Charles' holdings, making the stock its 18th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Summit Securities Group LLC increased its stake in shares of APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after acquiring an additional 710 shares during the last quarter. Camelot Portfolios LLC acquired a new stake in APA during the fourth quarter valued at $37,000. Community Bank N.A. acquired a new stake in APA during the third quarter valued at $43,000. Cary Street Partners Investment Advisory LLC acquired a new stake in APA during the fourth quarter valued at $47,000. Finally, Virtus Advisers LLC purchased a new position in APA in the third quarter valued at about $57,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at APA

In related news, VP Mark D. Maddox sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total value of $392,392.00. Following the transaction, the vice president directly owned 66,810 shares of the company's stock, valued at approximately $2,675,072.40. This trade represents a 12.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.73% of the company's stock.

APA Trading Up 3.1%

Shares of NASDAQ:APA opened at $35.06 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $12.39 billion, a PE ratio of 8.17 and a beta of 0.35. APA Corporation has a 1 year low of $17.86 and a 1 year high of $45.66. The firm has a fifty day moving average price of $36.34 and a 200 day moving average price of $33.10.

APA (NASDAQ:APA - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.27. APA had a return on equity of 20.70% and a net margin of 17.38%.The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company earned $1.06 earnings per share. The business's revenue was down 11.7% compared to the same quarter last year. Analysts expect that APA Corporation will post 5.29 EPS for the current fiscal year.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. APA's dividend payout ratio is currently 23.31%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on APA shares. Zacks Research lowered APA from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their price target on APA from $38.00 to $41.00 in a report on Friday, May 8th. Roth Capital raised APA from a "neutral" rating to a "buy" rating and boosted their price target for the company from $37.00 to $38.00 in a research note on Monday, June 22nd. Stephens increased their price objective on APA from $43.00 to $47.00 in a report on Wednesday, June 10th. Finally, Sanford C. Bernstein increased their price objective on APA from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Wednesday, May 20th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $40.88.

About APA

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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