Principal Financial Group Inc. Raises Position in APA Corporation $APA

Key Points

• Principal Financial Group increased its stake in APA Corporation by 11.1% in the first quarter, bringing its holdings to 476,998 shares worth about $20.2 million. Other institutional investors also added to or initiated positions, and hedge funds now own 83.01% of APA’s stock.
• APA reported stronger-than-expected quarterly results, posting EPS of $1.38 versus analyst estimates of $1.11 and revenue of $2.33 billion versus expectations of $2.13 billion. Despite the beat, revenue was still down 11.7% year over year.
• The company declared a quarterly dividend of $0.25 per share, equating to a $1.00 annualized payout and a 2.8% yield. Separately, analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $40.35.

Principal Financial Group Inc. lifted its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 11.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 476,998 shares of the company's stock after purchasing an additional 47,619 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of APA worth $20,244,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Del Sette Capital Management LLC increased its stake in APA by 7.0% in the first quarter. Del Sette Capital Management LLC now owns 146,335 shares of the company's stock valued at $6,210,000 after purchasing an additional 9,597 shares during the last quarter. Global Assets Advisory LLC acquired a new stake in APA in the 1st quarter worth about $44,000. Diversify Wealth Management LLC acquired a new stake in APA in the 1st quarter worth about $256,000. 180 Wealth Advisors LLC purchased a new stake in APA in the 1st quarter valued at about $232,000. Finally, Citizens Financial Group Inc. RI grew its holdings in APA by 20.5% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,511 shares of the company's stock valued at $531,000 after buying an additional 2,131 shares during the period. Hedge funds and other institutional investors own 83.01% of the company's stock.

APA Stock Performance

NASDAQ APA opened at $35.77 on Wednesday. The firm has a market capitalization of $12.64 billion, a P/E ratio of 8.34 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 has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The business's 50-day simple moving average is $35.65 and its 200-day simple moving average is $33.74.

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 analysts' consensus estimates of $1.11 by $0.27. The business had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.13 billion. APA had a return on equity of 20.70% and a net margin of 17.38%.The company's revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS. Equities analysts predict that APA Corporation will post 5 EPS for the current year.

APA Announces Dividend

The firm 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. This represents a $1.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, July 22nd. APA's payout ratio is currently 23.31%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on APA. The Goldman Sachs Group cut their price objective on shares of APA from $34.00 to $32.00 and set a "sell" rating on the stock in a report on Tuesday, June 30th. Roth Capital upgraded shares of APA from a "neutral" rating to a "buy" rating and boosted their target price for the company from $37.00 to $38.00 in a report on Monday, June 22nd. Truist Financial dropped their price target on shares of APA from $39.00 to $38.00 and set a "hold" rating for the company in a research report on Friday, July 10th. Capital One Financial increased their price target on shares of APA from $50.00 to $51.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Finally, Susquehanna decreased their price target on shares of APA from $47.00 to $45.00 and set a "positive" rating on the stock in a report on Tuesday. Eight investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $40.35.

Insider Transactions at APA

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

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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