Hsbc Holdings PLC Purchases 44,788 Shares of APA Corporation $APA

Key Points

• HSBC increased its APA Corporation stake by 10.9% in the second quarter, acquiring 44,788 additional shares for a total of 454,353 shares valued at approximately $14.83 million. Institutional investors and hedge funds collectively own 83.01% of APA.
• Analyst sentiment remains mixed, with nine Buy, 17 Hold, and four Sell ratings. APA has a consensus rating of Hold and an average price target of $42.07.
• APA shares opened at $43.55, near their 12-month high of $45.66. The company slightly missed quarterly earnings and revenue estimates, reporting EPS of $1.89 and revenue of $2.37 billion.

Hsbc Holdings PLC boosted its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 10.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 454,353 shares of the company's stock after acquiring an additional 44,788 shares during the period. Hsbc Holdings PLC owned approximately 0.13% of APA worth $14,830,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC bought a new stake in APA during the 2nd quarter worth approximately $3,463,000. Beacon Pointe Advisors LLC acquired a new position in shares of APA in the second quarter valued at approximately $461,000. Twin Lakes Capital Management LLC acquired a new position in shares of APA in the second quarter valued at approximately $49,000. Rakuten Investment Management Inc. bought a new stake in shares of APA during the second quarter worth $1,235,000. Finally, Empowered Funds LLC bought a new stake in shares of APA during the second quarter worth $28,433,000. 83.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Sanford C. Bernstein increased their target price on APA from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Wednesday, May 20th. Morgan Stanley cut their price target on APA from $44.00 to $41.00 and set an "underweight" rating on the stock in a report on Friday, June 26th. Argus raised APA from a "hold" rating to a "buy" rating and set a $48.00 price objective for the company in a research report on Wednesday, August 19th. Weiss Ratings downgraded APA from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, August 31st. Finally, Capital One Financial increased their price objective on APA from $50.00 to $51.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Nine analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $42.07.

APA Trading Up 1.8%

NASDAQ APA opened at $43.55 on Wednesday. APA Corporation has a 12 month low of $21.57 and a 12 month high of $45.66. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average of $38.24 and a 200-day moving average of $37.17. The company has a market cap of $15.26 billion, a PE ratio of 9.21, a PEG ratio of 0.75 and a beta of 0.37.

APA (NASDAQ:APA - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the business posted $0.87 earnings per share. On average, equities research analysts anticipate that APA Corporation will post 5.7 EPS for the current fiscal year.

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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