State of Michigan Retirement System Sells 35,000 Shares of APA Corporation (NASDAQ:APA)

State of Michigan Retirement System decreased its position in APA Corporation (NASDAQ:APA - Free Report) by 25.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 100,373 shares of the company's stock after selling 35,000 shares during the period. State of Michigan Retirement System's holdings in APA were worth $2,110,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. grew its position in shares of APA by 1,087.9% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company's stock worth $27,000 after buying an additional 1,077 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in APA by 2,709.8% in the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after acquiring an additional 1,382 shares during the period. Rakuten Securities Inc. boosted its holdings in APA by 499.2% in the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after acquiring an additional 1,288 shares in the last quarter. Runnymede Capital Advisors Inc. purchased a new position in APA during the 4th quarter valued at $35,000. Finally, Siemens Fonds Invest GmbH bought a new position in APA in the 4th quarter worth $42,000. Institutional investors own 83.01% of the company's stock.

Analysts Set New Price Targets

APA has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of APA from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Friday. UBS Group reaffirmed a "neutral" rating and set a $19.00 price objective (up from $18.00) on shares of APA in a research report on Monday. Mizuho reduced their target price on APA from $20.00 to $19.00 and set an "underperform" rating on the stock in a report on Tuesday, May 13th. Susquehanna lowered their target price on APA from $31.00 to $30.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Finally, Piper Sandler dropped their price target on APA from $22.00 to $19.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $24.72.

APA Stock Down 3.2%

APA traded down $0.64 during trading on Monday, hitting $19.47. 5,426,004 shares of the company's stock traded hands, compared to its average volume of 8,232,516. APA Corporation has a 12-month low of $13.58 and a 12-month high of $33.41. The company's 50 day simple moving average is $18.36 and its two-hundred day simple moving average is $19.71. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 6.49 and a beta of 1.25.

APA (NASDAQ:APA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.23. APA had a net margin of 9.75% and a return on equity of 23.22%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the business earned $0.78 EPS. The company's quarterly revenue was up 35.1% compared to the same quarter last year. Analysts predict that APA Corporation will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Tuesday, July 22nd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.14%. The ex-dividend date of this dividend is Tuesday, July 22nd. APA's dividend payout ratio (DPR) is presently 35.97%.

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.