Oxbow Advisors LLC Makes New Investment in APA Corporation $APA

Key Points

• Oxbow Advisors LLC has purchased a new stake in APA Corporation, acquiring 430,639 shares valued at approximately $7.9 million, making it the firm's 26th biggest position.
• Research analysts have increased their price targets for APA shares, with estimates ranging from $21.00 to $24.00, indicating a generally positive outlook despite a recent decline in quarterly revenue.
• APA Corporation announced a quarterly dividend of $0.25 per share, which translates to an annualized dividend yield of 4.3%, scheduled for payment on November 21st.

Oxbow Advisors LLC purchased 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 institutional investor purchased 430,639 shares of the company's stock, valued at approximately $7,876,000. APA comprises approximately 0.9% of Oxbow Advisors LLC's holdings, making the stock its 26th biggest position. Oxbow Advisors LLC owned 0.12% of APA as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Cullen Investment Group LTD. raised its position in APA by 5.9% in the second quarter. Cullen Investment Group LTD. now owns 11,497 shares of the company's stock worth $210,000 after acquiring an additional 637 shares during the period. Turtle Creek Wealth Advisors LLC raised its holdings in APA by 1.5% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 44,194 shares of the company's stock worth $808,000 after purchasing an additional 638 shares during the period. Comerica Bank raised its holdings in APA by 0.7% in the 1st quarter. Comerica Bank now owns 89,616 shares of the company's stock worth $1,884,000 after purchasing an additional 644 shares during the period. TD Asset Management Inc lifted its position in APA by 1.1% during the second quarter. TD Asset Management Inc now owns 65,835 shares of the company's stock valued at $1,204,000 after purchasing an additional 698 shares in the last quarter. Finally, Lipe & Dalton grew its holdings in APA by 3.5% during the first quarter. Lipe & Dalton now owns 23,290 shares of the company's stock valued at $490,000 after purchasing an additional 780 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on APA shares. Wells Fargo & Company raised their price objective on APA from $20.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Royal Bank Of Canada lifted their price target on shares of APA from $23.00 to $24.00 and gave the company a "sector perform" rating in a report on Monday. Barclays upped their price target on shares of APA from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 8th. Piper Sandler lifted their target price on shares of APA from $21.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of APA in a report on Tuesday. Three analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $24.26.

APA Price Performance

APA stock opened at $23.00 on Friday. APA Corporation has a one year low of $13.58 and a one year high of $25.83. The company's fifty day moving average price is $22.84 and its 200-day moving average price is $19.58. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $8.23 billion, a PE ratio of 7.69, a price-to-earnings-growth ratio of 6.70 and a beta of 1.16.

APA (NASDAQ:APA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.42. The company had revenue of $2.18 billion during the quarter, compared to analysts' expectations of $2.03 billion. APA had a net margin of 10.53% and a return on equity of 20.98%. APA's quarterly revenue was down 14.4% on a year-over-year basis. During the same period last year, the company posted $1.17 earnings per share. On average, equities analysts anticipate that APA Corporation will post 4.03 EPS for the current fiscal year.

APA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Wednesday, October 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Wednesday, October 22nd. APA's payout ratio is 33.44%.

APA Company Profile

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.

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