Smead Capital Management Inc. Has $260.75 Million Stake in APA Corporation $APA

Key Points

• Smead Capital Management Inc. has decreased its stake in APA Corporation by 2.2%, selling 276,584 shares, and now holds approximately 12.4 million shares, representing about 4.5% of its portfolio.
• Institutional investors and hedge funds collectively own 83.01% of APA Corporation's stock, indicating a strong institutional interest in the company.
• APA Corporation's stock recently rose 1.7%, with shares trading at $22.98, while the company reported earnings per share of $0.87, exceeding expectations.

Smead Capital Management Inc. cut its stake in shares of APA Corporation (NASDAQ:APA - Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,404,821 shares of the company's stock after selling 276,584 shares during the period. APA comprises approximately 4.5% of Smead Capital Management Inc.'s holdings, making the stock its 9th largest position. Smead Capital Management Inc. owned approximately 3.43% of APA worth $260,749,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC grew its holdings in shares of APA by 2,709.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock valued at $30,000 after acquiring an additional 1,382 shares in the last quarter. Rakuten Securities Inc. boosted its position in APA by 499.2% during the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after purchasing an additional 1,288 shares during the last quarter. Siemens Fonds Invest GmbH purchased a new position in APA in the fourth quarter valued at about $42,000. LRI Investments LLC acquired a new position in APA in the 4th quarter worth about $44,000. Finally, SVB Wealth LLC acquired a new position in APA in the 1st quarter worth about $55,000. Institutional investors and hedge funds own 83.01% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on APA. JPMorgan Chase & Co. lifted their price target on APA from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, July 11th. UBS Group lifted their target price on shares of APA from $21.00 to $23.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Cowen restated a "hold" rating on shares of APA in a research note on Thursday, August 7th. Argus upgraded shares of APA to a "hold" rating in a report on Friday, May 16th. Finally, Barclays upped their price objective on shares of APA from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $23.72.

APA Stock Performance

Shares of APA stock traded up $0.63 on Tuesday, reaching $23.85. The stock had a trading volume of 5,812,267 shares, compared to its average volume of 7,929,521. 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 business's 50-day moving average price is $19.82 and its two-hundred day moving average price is $18.90. The stock has a market cap of $8.53 billion, a P/E ratio of 7.98, a price-to-earnings-growth ratio of 6.91 and a beta of 1.29. APA Corporation has a fifty-two week low of $13.58 and a fifty-two week high of $27.95.

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

About APA

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.