State Street Corp Has $820.16 Million Stake in APA Corporation $APA

Key Points

• State Street increased its APA stake by 1.5% in the second quarter, owning 25.18 million shares valued at approximately $820.2 million, or 7.19% of the company. Institutional investors and hedge funds collectively own 83.01% of APA.
• Analyst sentiment is mixed, with a consensus “Hold” rating and average price target of $43.14; individual targets range from $40 to $62. APA shares opened at $43.70, up 3.3%.
• APA authorized a 40 million-share repurchase program and declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annual payout and a 2.3% yield. The company’s latest quarterly revenue and earnings slightly missed analyst estimates.

State Street Corp raised its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,181,423 shares of the company's stock after acquiring an additional 377,429 shares during the quarter. State Street Corp owned about 7.19% of APA worth $820,159,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of APA. Hollencrest Capital Management lifted its stake in shares of APA by 520.8% in the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company's stock valued at $25,000 after purchasing an additional 500 shares during the period. Cedar Mountain Advisors LLC bought a new stake in shares of APA during the 1st quarter valued at about $28,000. Compass Financial Management LLC acquired a new stake in APA during the second quarter worth approximately $33,000. MidFirst Bank acquired a new stake in APA during the second quarter worth approximately $33,000. Finally, Global Assets Advisory LLC acquired a new stake in APA during the first quarter worth approximately $44,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on APA shares. Raymond James Financial boosted their price target on APA from $50.00 to $54.00 and gave the company an "outperform" rating in a research note on Wednesday, September 2nd. Barclays reduced their price objective on shares of APA from $41.00 to $40.00 and set an "equal weight" rating for the company in a research report on Monday, August 17th. Truist Financial lifted their price objective on shares of APA from $39.00 to $44.00 and gave the company a "hold" rating in a research note on Monday. Stifel Nicolaus assumed coverage on shares of APA in a research report on Wednesday, September 9th. They set a "buy" rating and a $62.00 target price on the stock. Finally, Stephens increased their target price on shares of APA from $43.00 to $47.00 in a research note on Wednesday, June 10th. Eleven investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, APA has a consensus rating of "Hold" and an average price target of $43.14.

APA Stock Up 3.3%

APA stock opened at $43.70 on Thursday. The stock's 50 day simple moving average is $40.70 and its 200 day simple moving average is $38.31. The company has a market cap of $15.31 billion, a P/E ratio of 9.24, a price-to-earnings-growth ratio of 0.73 and a beta of 0.37. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95. APA Corporation has a fifty-two week low of $21.63 and a fifty-two week high of $47.44.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the business posted $0.87 EPS. On average, research analysts expect that APA Corporation will post 5.8 earnings per share for the current fiscal year.

APA declared that its board has authorized a share repurchase plan on Wednesday, September 16th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

APA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Thursday, October 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Thursday, October 22nd. APA's payout ratio is 21.14%.

APA Company Profile

APA Corporation NASDAQ: APA is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates through subsidiaries and manages upstream assets spanning exploration, drilling, production and related field-development activities.

APA's principal producing operations are in the Permian Basin of the United States and in Egypt. The company has also pursued offshore exploration opportunities in Suriname, where it has participated in drilling and appraisal activities in the country's offshore blocks.

Want to see what other hedge funds are holding APA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for APA Corporation (NASDAQ:APA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.