Man Group plc Takes $1.70 Million Position in APA Corporation $APA

Key Points

• Man Group acquired a new APA stake of 52,054 shares valued at approximately $1.70 million during the second quarter. Institutional investors collectively own 83.01% of APA’s outstanding stock.
• APA shares opened at $44.30, near their one-year high of $45.66, with a market capitalization of $15.52 billion and a price-to-earnings ratio of 9.37.
• APA slightly missed quarterly expectations, reporting $1.89 in earnings per share versus the $1.90 consensus and revenue of $2.37 billion versus $2.46 billion expected. Analysts maintain a consensus “Hold” rating with an average price target of $41.50.

Man Group plc acquired a new stake in shares of APA Corporation (NASDAQ:APA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 52,054 shares of the company's stock, valued at approximately $1,695,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in APA. Altshuler Shaham Ltd boosted its stake in APA by 36.7% during the 1st quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company's stock valued at $52,000 after purchasing an additional 330 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of APA by 0.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 106,667 shares of the company's stock worth $2,609,000 after buying an additional 375 shares in the last quarter. Coldstream Capital Management Inc. raised its stake in shares of APA by 1.4% in the 4th quarter. Coldstream Capital Management Inc. now owns 28,171 shares of the company's stock worth $689,000 after buying an additional 396 shares in the last quarter. Fortitude Family Office LLC lifted its holdings in shares of APA by 37.9% in the second quarter. Fortitude Family Office LLC now owns 1,489 shares of the company's stock valued at $48,000 after buying an additional 409 shares during the period. Finally, IRON Financial LLC lifted its holdings in shares of APA by 7.2% in the second quarter. IRON Financial LLC now owns 7,279 shares of the company's stock valued at $237,000 after buying an additional 490 shares during the period. Institutional investors own 83.01% of the company's stock.

APA Price Performance

NASDAQ APA opened at $44.30 on Wednesday. The stock's 50-day moving average price is $37.18 and its two-hundred day moving average price is $36.61. 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 company has a market cap of $15.52 billion, a PE ratio of 9.37, a PEG ratio of 0.78 and a beta of 0.35. APA Corporation has a 1 year low of $21.57 and a 1 year high of $45.66.

APA (NASDAQ:APA - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01). The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%.During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, analysts predict that APA Corporation will post 5.54 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Sanford C. Bernstein lifted 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. Weiss Ratings downgraded shares of APA from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday. Citigroup raised their price objective on shares of APA from $38.00 to $44.00 and gave the company a "neutral" rating in a research report on Thursday, August 20th. Raymond James Financial lowered their price objective on shares of APA from $57.00 to $50.00 and set an "outperform" rating on the stock in a research note on Monday, July 13th. Finally, Capital One Financial boosted their target price on shares of APA from $50.00 to $51.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Nine investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $41.50.

APA Company Profile

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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