SummitTX Capital L.P. Sells 43,189 Shares of APA Corporation $APA

Key Points

• SummitTX Capital cut its APA position by 48.1% in the first quarter, selling 43,189 shares and retaining 46,511 shares valued at approximately $1.97 million. Institutional investors and hedge funds collectively own 83.01% of APA.
• Analysts maintain a consensus “Hold” rating with an average price target of $40.35, although individual targets range from $32 to $47. APA recently exceeded quarterly earnings and revenue expectations, despite an 11.7% year-over-year revenue decline.
• APA declared a quarterly dividend of $0.25 per share, equivalent to $1.00 annually and a 2.9% yield. Shares recently opened at $34.93, within a 52-week range of $17.86 to $45.66.

SummitTX Capital L.P. decreased its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 48.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,511 shares of the company's stock after selling 43,189 shares during the period. SummitTX Capital L.P.'s holdings in APA were worth $1,974,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management grew its holdings in APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC purchased a new stake in shares of APA during the 1st quarter valued at $28,000. Summit Securities Group LLC boosted its position in shares of APA by 115.1% in the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after purchasing an additional 710 shares in the last quarter. Camelot Portfolios LLC acquired a new stake in shares of APA in the 4th quarter worth $37,000. Finally, Global Assets Advisory LLC purchased a new position in APA during the 1st quarter worth $44,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on APA. The Goldman Sachs Group reduced their target price on APA from $34.00 to $32.00 and set a "sell" rating on the stock in a research report on Tuesday, June 30th. Citigroup reissued a "neutral" rating on shares of APA in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their price target on APA from $29.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 8th. Jefferies Financial Group upped their price objective on shares of APA from $26.00 to $36.00 and gave the company a "hold" rating in a report on Monday, April 13th. Finally, Stephens increased their price objective on shares of APA from $43.00 to $47.00 in a research report on Wednesday, June 10th. Eight research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $40.35.

Insider Buying and Selling

In other news, VP Mark D. Maddox sold 9,800 shares of the company's stock in a transaction on 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 directly owned 66,810 shares of the company's stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.73% of the company's stock.

APA Stock Performance

Shares of APA stock opened at $34.93 on Wednesday. The business has a fifty day moving average of $35.33 and a 200 day moving average of $34.14. APA Corporation has a 1 year low of $17.86 and a 1 year high of $45.66. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $12.34 billion, a price-to-earnings ratio of 8.14 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.11 by $0.27. APA had a return on equity of 20.70% and a net margin of 17.38%.The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The company's revenue was down 11.7% on a year-over-year basis. As a group, research analysts expect that APA Corporation will post 4.92 earnings per share for the current year.

APA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders 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 dividend on an annualized basis and a yield of 2.9%. APA's dividend payout ratio (DPR) is currently 23.31%.

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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