NewEdge Wealth LLC Invests $3.10 Million in APA Corporation $APA

Key Points

• NewEdge Wealth acquired 95,314 APA shares worth approximately $3.10 million during the second quarter. Institutional investors and hedge funds collectively own 83.01% of APA.
• APA shares opened at $44.39, near their 12-month high of $45.66, with a market capitalization of $15.55 billion and a P/E ratio of 9.38.
• APA slightly missed quarterly expectations, reporting $1.89 in EPS versus $1.90 expected and revenue of $2.37 billion versus $2.46 billion estimated. Analysts maintain a consensus “Hold” rating with an average price target of $41.50.

NewEdge Wealth LLC acquired a new position in shares of APA Corporation (NASDAQ:APA - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 95,314 shares of the company's stock, valued at approximately $3,104,000.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of APA in the second quarter valued at $1,173,231,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of APA by 1,726.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company's stock valued at $205,176,000 after buying an additional 4,569,779 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of APA in the second quarter worth approximately $134,558,000. Goldman Sachs Group Inc. boosted its holdings in shares of APA by 76.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company's stock worth $175,426,000 after purchasing an additional 3,117,032 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of APA by 157.1% during the second quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company's stock worth $55,970,000 after purchasing an additional 1,869,891 shares during the period. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Price Performance

Shares of NASDAQ:APA opened at $44.39 on Friday. The company has a market cap of $15.55 billion, a price-to-earnings ratio of 9.38 and a beta of 0.35. The business has a 50 day moving average price of $35.85 and a 200 day moving average price of $35.74. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. APA Corporation has a twelve month low of $19.96 and a twelve month high of $45.66.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly 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 return on equity of 24.84% and a net margin of 19.48%.The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the business earned $0.87 earnings per share. Research analysts predict that APA Corporation will post 5.27 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on APA shares. Wall Street Zen lowered shares of APA from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. BMO Capital Markets decreased their target price on shares of APA from $47.00 to $45.00 and set a "market perform" rating for the company in a research report on Wednesday, May 13th. UBS Group cut their price target on shares of APA from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Wednesday, July 15th. Mizuho raised shares of APA to a "strong sell" rating in a research note on Friday, July 31st. Finally, Susquehanna boosted their price target on APA from $45.00 to $47.00 and gave the stock a "positive" rating in a research report on Tuesday, August 11th. Ten investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $41.50.

APA 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.

Want to see what other hedge funds are holding APA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for APA Corporation (NASDAQ:APA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source