Mirae Asset Global Investments Co. Ltd. Grows Stock Position in APA Corporation $APA

Key Points

• Mirae Asset Global Investments increased its APA position by 16.2% in the second quarter, bringing its holdings to 376,596 shares valued at approximately $12.3 million. Institutional investors collectively own 83.01% of APA.
• Analyst sentiment remains mixed, with APA carrying an overall “Hold” rating and an average price target of $41.30; ratings include 9 Buys, 16 Holds, and 4 Sells.
• APA reported quarterly EPS of $1.89, slightly below expectations, while revenue of $2.37 billion also missed forecasts. The company declared a quarterly dividend of $0.25, representing a 2.5% annualized yield.

Mirae Asset Global Investments Co. Ltd. raised its position in APA Corporation (NASDAQ:APA - Free Report) by 16.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376,596 shares of the company's stock after buying an additional 52,387 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.11% of APA worth $12,266,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. IRON Financial LLC increased its holdings in APA by 7.2% in the 2nd quarter. IRON Financial LLC now owns 7,279 shares of the company's stock worth $237,000 after acquiring an additional 490 shares during the last quarter. Summitry LLC purchased a new stake in APA during the second quarter valued at about $221,000. IFP Advisors Inc boosted its position in APA by 12.0% during the second quarter. IFP Advisors Inc now owns 8,146 shares of the company's stock worth $265,000 after purchasing an additional 874 shares during the period. Gateway Investment Advisers LLC boosted its position in APA by 49.6% during the second quarter. Gateway Investment Advisers LLC now owns 37,960 shares of the company's stock worth $1,236,000 after purchasing an additional 12,587 shares during the period. Finally, Merit Financial Group LLC increased its stake in shares of APA by 101.6% in the second quarter. Merit Financial Group LLC now owns 37,478 shares of the company's stock worth $1,221,000 after purchasing an additional 18,885 shares in the last quarter. Hedge funds and other institutional investors own 83.01% of the company's stock.

Analyst Ratings Changes

APA has been the topic of several research reports. Mizuho raised shares of APA to a "strong sell" rating in a research report on Friday, July 31st. UBS Group reduced their price objective on shares of APA from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. BMO Capital Markets lowered their target price on shares of APA from $47.00 to $45.00 and set a "market perform" rating on the stock in a report on Wednesday, May 13th. Benchmark increased their target price on APA from $40.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Sanford C. Bernstein raised their price target on APA from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Wednesday, May 20th. Nine equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $41.30.

Insider Activity at APA

In other news, VP Mark D. Maddox sold 9,800 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the transaction, the vice president directly owned 66,810 shares in the company, valued at $2,675,072.40. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by company insiders.

APA Trading Up 0.1%

Shares of APA stock opened at $40.00 on Friday. The company's 50-day moving average price is $35.31 and its 200-day moving average price is $35.16. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. APA Corporation has a 12-month low of $19.96 and a 12-month high of $45.66. The company has a market cap of $14.01 billion, a price-to-earnings ratio of 8.46 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same period in the prior year, the firm posted $0.87 EPS. On average, equities analysts expect that APA Corporation will post 5.25 earnings per share for the current fiscal year.

APA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Wednesday, July 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, July 22nd. APA's dividend payout ratio (DPR) is presently 21.14%.

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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