The Manufacturers Life Insurance Company Purchases Shares of 258,288 APA Corporation $APA

Key Points

• The Manufacturers Life Insurance Company acquired 258,288 APA shares worth approximately $8.4 million, while institutional investors and hedge funds collectively own 83.01% of the company.
• Analyst sentiment remains mixed: APA has an average “Hold” rating and a consensus price target of $41.50, despite some recent upgrades and target-price changes.
• APA opened at $42.54, above the consensus target, after reporting quarterly EPS of $1.89 and revenue of $2.37 billion—both slightly below analyst expectations.

The Manufacturers Life Insurance Company acquired a new position in shares of APA Corporation (NASDAQ:APA - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 258,288 shares of the company's stock, valued at approximately $8,412,000. The Manufacturers Life Insurance Company owned 0.07% of APA at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of APA. Paradigm Capital Management LLC NV bought a new position in shares of APA in the second quarter valued at about $403,000. L2 Asset Management LLC acquired a new stake in APA during the second quarter worth approximately $1,468,000. Patient Capital Management LLC acquired a new stake in APA during the second quarter worth approximately $1,628,000. Cibc World Market Inc. bought a new stake in shares of APA during the second quarter worth approximately $1,602,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of APA during the second quarter worth approximately $2,990,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Truist Financial increased their target price on APA from $38.00 to $39.00 and gave the stock a "hold" rating in a research note on Monday, August 10th. Mizuho raised APA to a "strong sell" rating in a report on Friday, July 31st. Weiss Ratings upgraded APA from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Barclays dropped their target price on APA from $41.00 to $40.00 and set an "equal weight" rating for the company in a report on Monday, August 17th. Finally, Wall Street Zen raised shares of APA from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Ten investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $41.50.

APA Price Performance

APA stock opened at $42.54 on Monday. The stock's fifty day moving average price is $36.80 and its two-hundred day moving average price is $36.39. APA Corporation has a one year low of $21.57 and a one year high of $45.66. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $14.90 billion, a PE ratio of 8.99, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35.

APA (NASDAQ:APA - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same quarter in the previous year, the company posted $0.87 earnings per share. As a group, research analysts expect that APA Corporation will post 5.54 EPS for the current fiscal year.

About APA

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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