Jupiter Asset Management Ltd. Buys New Shares in APA Corporation $APA

Key Points

• Jupiter Asset Management opened a new position in APA Corporation during the fourth quarter, buying 816,363 shares worth about $20.0 million and ending with roughly 0.23% ownership.
• APA reported strong quarterly earnings on May 6, posting $1.38 EPS versus the $1.11 consensus and revenue of $2.33 billion, both ahead of expectations.
• The company also announced a quarterly dividend of $0.25 per share, equal to a 2.7% annualized yield, while analysts currently rate the stock a consensus “Hold” with an average price target of $40.96.

Jupiter Asset Management Ltd. bought a new stake in APA Corporation (NASDAQ:APA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 816,363 shares of the company's stock, valued at approximately $19,968,000. Jupiter Asset Management Ltd. owned approximately 0.23% of APA at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. United Capital Management of KS Inc. bought a new position in shares of APA in the 3rd quarter valued at about $1,214,000. Jackson Creek Investment Advisors LLC bought a new position in shares of APA in the 3rd quarter valued at about $2,337,000. Allspring Global Investments Holdings LLC grew its position in shares of APA by 57.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 306,195 shares of the company's stock valued at $7,765,000 after acquiring an additional 111,777 shares during the period. AE Wealth Management LLC grew its position in shares of APA by 2,049.4% in the 3rd quarter. AE Wealth Management LLC now owns 403,511 shares of the company's stock valued at $9,797,000 after acquiring an additional 384,738 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of APA by 71.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 185,818 shares of the company's stock valued at $4,437,000 after acquiring an additional 77,125 shares during the period. Institutional investors own 83.01% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on APA. Roth Mkm lifted their price objective on shares of APA from $27.00 to $37.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Jefferies Financial Group raised their target price on shares of APA from $26.00 to $36.00 and gave the stock a "hold" rating in a research note on Monday, April 13th. JPMorgan Chase & Co. raised their target price on shares of APA from $38.00 to $41.00 in a research note on Friday, May 8th. Piper Sandler raised their target price on shares of APA from $30.00 to $37.00 and gave the stock a "neutral" rating in a research note on Thursday, March 12th. Finally, Morgan Stanley raised their target price on shares of APA from $43.00 to $44.00 and gave the stock an "underweight" rating in a research note on Thursday, May 21st. Eight analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $40.96.

APA Price Performance

Shares of APA stock opened at $36.43 on Friday. APA Corporation has a twelve month low of $16.88 and a twelve month high of $45.66. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. The company has a 50-day simple moving average of $39.08 and a two-hundred day simple moving average of $31.12. The stock has a market capitalization of $12.87 billion, a price-to-earnings ratio of 8.49 and a beta of 0.38.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The business had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same quarter in the previous year, the company earned $1.06 EPS. The business's revenue was down 11.7% on a year-over-year basis. Analysts forecast that APA Corporation will post 5.18 EPS for the current year.

APA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Wednesday, July 22nd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, July 22nd. This represents a $1.00 annualized dividend and a yield of 2.7%. APA's payout ratio is 23.31%.

Insider Activity

In other APA news, Director Matthew Regis Bob sold 23,000 shares of APA stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total value of $833,290.00. Following the completion of the sale, the director owned 6,634 shares in the company, valued at $240,349.82. The trade was a 77.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark D. Maddox sold 9,800 shares of APA stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president owned 66,810 shares of the company's stock, valued at $2,675,072.40. This trade represents a 12.79% decrease in their position. The SEC filing for this sale provides additional information. 0.73% of the stock is owned by insiders.

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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