Morningstar Investment Management LLC Purchases Shares of 109,700 APA Corporation $APA

Key Points

• Morningstar Investment Management opened a new position in APA Corporation during the first quarter, buying 109,700 shares worth about $4.66 million.
• APA reported better-than-expected Q1 earnings with EPS of $1.38 versus the $1.11 consensus, and revenue of $2.33 billion also topped analyst estimates.
• The company declared a quarterly dividend of $0.25 per share, which annualizes to $1.00 per share and implies a 2.8% yield.

Morningstar Investment Management LLC purchased a new position in APA Corporation (NASDAQ:APA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 109,700 shares of the company's stock, valued at approximately $4,656,000.

Other hedge funds have also recently modified their holdings of the company. Hollencrest Capital Management boosted its stake in APA by 520.8% in the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after purchasing an additional 500 shares in the last quarter. Cedar Mountain Advisors LLC acquired a new position in APA during the 1st quarter valued at approximately $28,000. Global Assets Advisory LLC purchased a new position in shares of APA in the first quarter worth $44,000. Summit Securities Group LLC lifted its stake in shares of APA by 115.1% during the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after buying an additional 710 shares during the period. Finally, Camelot Portfolios LLC acquired a new stake in shares of APA during the fourth quarter worth $37,000. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Stock Down 0.7%

NASDAQ:APA opened at $36.15 on Friday. The firm has a market capitalization of $12.78 billion, a P/E ratio of 8.43 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 company's fifty day moving average price is $35.56 and its 200-day moving average price is $33.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92.

APA (NASDAQ:APA - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.27. The firm had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.13 billion. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm's revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.06 earnings per share. As a group, equities research analysts anticipate that APA Corporation will post 4.92 EPS for the current year.

APA Announces Dividend

The business 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 dividend of $0.25 per share. The ex-dividend date is Wednesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.8%. APA's dividend payout ratio (DPR) is presently 23.31%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on APA. Wall Street Zen lowered shares of APA from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Wells Fargo & Company raised their target price on APA from $21.00 to $39.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 9th. Morgan Stanley dropped their price target on APA from $44.00 to $41.00 and set an "underweight" rating on the stock in a research note on Friday, June 26th. Scotiabank increased their price objective on APA from $26.00 to $36.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Sanford C. Bernstein increased their price objective on APA from $37.00 to $40.00 and gave the company a "market perform" rating in a report on Wednesday, May 20th. Eight research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $40.35.

Insider Buying and Selling at APA

In other news, VP Mark D. Maddox sold 9,800 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total value of $392,392.00. Following the completion of the transaction, the vice president owned 66,810 shares of the company's stock, valued at $2,675,072.40. The trade was a 12.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.73% of the company's stock.

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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