OMERS ADMINISTRATION Corp Makes New $2.99 Million Investment in APA Corporation $APA

Key Points

• OMERS Administration Corp. acquired 91,811 APA shares worth approximately $2.99 million during the second quarter. Institutional investors and hedge funds collectively own 83.01% of APA.
• APA shares opened at $41.35, near the analyst consensus target of $41.50, with a market capitalization of $14.49 billion. The stock has traded between $21.57 and $45.66 over the past year.
• APA slightly missed quarterly expectations, reporting $1.89 in earnings per share versus $1.90 expected and revenue of $2.37 billion versus $2.46 billion forecast. Analysts maintain a consensus “Hold” rating, with 10 Buy, 16 Hold, and 4 Sell ratings.

OMERS ADMINISTRATION Corp purchased a new stake in APA Corporation (NASDAQ:APA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 91,811 shares of the company's stock, valued at approximately $2,990,000.

Several other institutional investors and hedge funds also recently made changes to their positions in APA. BlackRock Inc. acquired a new position in shares of APA in the second quarter worth approximately $1,173,231,000. Dimensional Fund Advisors LP increased its position in APA by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 16,376,952 shares of the company's stock valued at $695,099,000 after purchasing an additional 1,055,016 shares during the period. Charles Schwab Investment Management Inc. increased its position in APA by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,710,034 shares of the company's stock valued at $359,807,000 after purchasing an additional 285,542 shares during the period. Morgan Stanley raised its holdings in APA by 21.8% during the 4th quarter. Morgan Stanley now owns 10,425,586 shares of the company's stock worth $255,010,000 after purchasing an additional 1,864,900 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in APA by 76.9% during the 4th 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 last quarter. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Price Performance

Shares of NASDAQ APA opened at $41.35 on Wednesday. The firm has a market capitalization of $14.49 billion, a P/E ratio of 8.74, a P/E/G ratio of 0.78 and a beta of 0.35. The firm's 50-day moving average price is $36.28 and its 200-day moving average price is $36.08. 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 1-year low of $21.57 and a 1-year high of $45.66.

APA (NASDAQ:APA - Get Free Report) last issued 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). APA had a net margin of 19.48% and a return on equity of 24.84%. The firm 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. Equities research analysts anticipate that APA Corporation will post 5.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

APA has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of APA from a "hold" rating to a "buy" rating in a research report on Saturday. The Goldman Sachs Group lowered their target price on shares of APA from $34.00 to $32.00 and set a "sell" rating for the company in a research note on Tuesday, June 30th. Zacks Research lowered shares of APA from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Morgan Stanley dropped their target price on shares of APA from $44.00 to $41.00 and set an "underweight" rating on the stock in a report on Friday, June 26th. Finally, Barclays cut their price target on shares of APA from $41.00 to $40.00 and set an "equal weight" rating on the stock in a research report on Monday, August 17th. Ten analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $41.50.

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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