Rakuten Investment Management Inc. Makes New $1.24 Million Investment in APA Corporation $APA

Key Points

• Rakuten Investment Management acquired 37,476 APA shares worth approximately $1.24 million during the second quarter. Institutional investors collectively own 83.01% of APA, with several major firms increasing their positions.
• APA shares opened at $42.54, near their 12-month high of $45.66, while the company’s latest quarterly results narrowly missed expectations: adjusted EPS was $1.89 versus $1.90 expected, and revenue was $2.37 billion versus $2.46 billion forecast.
• Analyst sentiment remains cautious, with APA carrying a consensus “Hold” rating and an average price target of $41.50; ratings include 10 Buys, 16 Holds and four Sells.

Rakuten Investment Management Inc. acquired a new stake in shares of APA Corporation (NASDAQ:APA - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 37,476 shares of the company's stock, valued at approximately $1,235,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of APA in the 2nd quarter worth approximately $1,173,231,000. Dimensional Fund Advisors LP raised its holdings 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 buying an additional 1,055,016 shares during the period. Charles Schwab Investment Management Inc. raised its holdings 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 buying an additional 285,542 shares during the period. Morgan Stanley lifted its position in APA by 21.8% in the fourth quarter. Morgan Stanley now owns 10,425,586 shares of the company's stock worth $255,010,000 after buying an additional 1,864,900 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in APA by 76.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company's stock worth $175,426,000 after buying an additional 3,117,032 shares during the last quarter. 83.01% of the stock is owned by institutional investors.

APA Stock Performance

Shares of NASDAQ APA opened at $42.54 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. The firm has a market cap of $14.90 billion, a PE ratio of 8.99, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The business has a fifty day simple moving average of $36.80 and a two-hundred day simple moving average of $36.39. APA Corporation has a twelve month low of $21.57 and a twelve month high of $45.66.

APA (NASDAQ:APA - Get Free Report) last released 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 firm had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same period in the prior year, the firm posted $0.87 earnings per share. Analysts expect that APA Corporation will post 5.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on APA. BMO Capital Markets dropped their price target on shares of APA from $47.00 to $45.00 and set a "market perform" rating for the company in a research note on Wednesday, May 13th. Mizuho raised shares of APA to a "strong sell" rating in a research report on Friday, July 31st. UBS Group decreased their price objective on shares of APA from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Wednesday, July 15th. Roth Capital set a $39.00 target price on APA in a research report on Thursday, August 6th. Finally, KeyCorp set a $46.00 target price on APA in a research note on Wednesday, August 12th. Ten investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus 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.

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