Redwood Investment Management LLC Has $1.12 Million Stock Position in APA Corporation $APA

Key Points

• Redwood Investment Management cut its APA position by 64.5% in the first quarter, selling 47,930 shares and retaining 26,416 shares valued at approximately $1.12 million. Institutional investors and hedge funds collectively own 83.01% of APA.
• APA reported quarterly earnings of $1.38 per share, exceeding the $1.11 consensus estimate, while revenue reached $2.33 billion. However, revenue declined 11.7% year over year.
• APA announced a quarterly dividend of $0.25 per share, representing a $1.00 annualized payout and a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $40.35.

Redwood Investment Management LLC reduced its holdings in APA Corporation (NASDAQ:APA - Free Report) by 64.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,416 shares of the company's stock after selling 47,930 shares during the quarter. Redwood Investment Management LLC's holdings in APA were worth $1,121,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd boosted its holdings in shares of APA by 36.7% during the 1st quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company's stock worth $52,000 after buying an additional 330 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of APA by 0.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 106,667 shares of the company's stock valued at $2,609,000 after acquiring an additional 375 shares in the last quarter. Coldstream Capital Management Inc. increased its stake in shares of APA by 1.4% in the 4th quarter. Coldstream Capital Management Inc. now owns 28,171 shares of the company's stock valued at $689,000 after acquiring an additional 396 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in shares of APA by 3.2% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 14,648 shares of the company's stock valued at $358,000 after acquiring an additional 461 shares during the period. Finally, Hollencrest Capital Management lifted its position in shares of APA by 520.8% during the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after acquiring an additional 500 shares during the period. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Stock Performance

NASDAQ APA opened at $37.32 on Monday. The company has a fifty day simple moving average of $35.21 and a 200 day simple moving average of $34.38. APA Corporation has a 12-month low of $17.86 and a 12-month high of $45.66. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.58. The company has a market cap of $13.19 billion, a P/E ratio of 8.70 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. The business's revenue was down 11.7% on a year-over-year basis. Sell-side analysts predict that APA Corporation will post 4.92 earnings per share for the current fiscal year.

APA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 annualized dividend and a dividend yield of 2.7%. APA's payout ratio is presently 23.31%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Zacks Research cut shares of APA from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Morgan Stanley decreased their price target on shares of APA from $44.00 to $41.00 and set an "underweight" rating for the company in a research note on Friday, June 26th. Roth Capital upgraded shares of APA from a "neutral" rating to a "buy" rating and upped their price objective for the company from $37.00 to $38.00 in a report on Monday, June 22nd. Wells Fargo & Company increased their price objective on shares of APA from $21.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. Finally, Raymond James Financial reduced their target price on APA from $57.00 to $50.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, APA has an average rating of "Hold" and a consensus target price of $40.35.

Insider Buying and Selling at APA

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

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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