APA Corporation $APA Shares Sold by Synovus Financial Corp

Key Points

• Synovus Financial Corp reduced its stake in APA Corporation by 49.0% during the 1st quarter, selling 59,565 shares, leaving it with 61,940 shares valued at approximately $1.3 million.
• Several large investors increased their holdings in APA Corporation, with significant purchases from firms like Hotchkis & Wiley and Charles Schwab, indicating strong institutional interest, as 83.01% of the stock is now owned by institutions.
• APA Corporation reported a quarterly earnings per share (EPS) of $0.87, surpassing analysts' expectations of $0.45, despite a 14.4% decline in revenue compared to the same quarter last year.

Synovus Financial Corp decreased its holdings in shares of APA Corporation (NASDAQ:APA - Free Report) by 49.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,940 shares of the company's stock after selling 59,565 shares during the quarter. Synovus Financial Corp's holdings in APA were worth $1,302,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC boosted its holdings in shares of APA by 2,709.8% during the first quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after purchasing an additional 1,382 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of APA by 499.2% during the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock worth $32,000 after purchasing an additional 1,288 shares during the last quarter. Siemens Fonds Invest GmbH acquired a new stake in shares of APA during the fourth quarter worth $42,000. LRI Investments LLC acquired a new stake in shares of APA during the fourth quarter worth $44,000. Finally, SVB Wealth LLC acquired a new stake in shares of APA during the first quarter worth $55,000. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Stock Performance

APA stock traded up $0.24 during mid-day trading on Monday, reaching $23.22. The company had a trading volume of 5,660,800 shares, compared to its average volume of 7,316,170. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $8.31 billion, a P/E ratio of 7.77, a P/E/G ratio of 6.91 and a beta of 1.29. APA Corporation has a one year low of $13.58 and a one year high of $29.47. The stock's 50-day simple moving average is $19.82 and its two-hundred day simple moving average is $18.90.

APA (NASDAQ:APA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.42. The company had revenue of $2.18 billion for the quarter, compared to analysts' expectations of $2.03 billion. APA had a return on equity of 20.98% and a net margin of 10.53%.The firm's quarterly revenue was down 14.4% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share. Research analysts anticipate that APA Corporation will post 4.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on APA. Cfra Research upgraded APA to a "hold" rating in a report on Friday, August 8th. The Goldman Sachs Group upped their price objective on APA from $17.00 to $19.00 and gave the stock a "sell" rating in a report on Tuesday, August 26th. Scotiabank restated a "sector perform" rating and set a $22.00 price objective (up from $14.00) on shares of APA in a report on Friday, July 11th. Royal Bank Of Canada dropped their price objective on APA from $24.00 to $22.00 and set a "sector perform" rating for the company in a report on Monday, July 14th. Finally, Barclays upped their price objective on APA from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $23.72.

APA Company Profile

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.