US Bancorp DE Raises Holdings in APA Corporation $APA

Key Points

• US Bancorp DE increased its holdings in APA Corporation by 58.0% during the second quarter, owning 75,094 shares valued at approximately $1.37 million at the end of that period.
• APA Corporation recently reported earnings of $0.87 per share for the quarter, exceeding analysts’ expectations of $0.45, despite a revenue decline of 14.4% compared to the previous year.
• The company declared a quarterly dividend of $0.25 payable on November 21st, with an annualized yield of 4.3% and a payout ratio of 33.44%.

US Bancorp DE grew its position in shares of APA Corporation (NASDAQ:APA - Free Report) by 58.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 75,094 shares of the company's stock after buying an additional 27,560 shares during the period. US Bancorp DE's holdings in APA were worth $1,373,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in APA. Yousif Capital Management LLC lifted its position in shares of APA by 3.1% during the 1st quarter. Yousif Capital Management LLC now owns 54,298 shares of the company's stock valued at $1,141,000 after buying an additional 1,628 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of APA by 61.9% during the 1st quarter. GAMMA Investing LLC now owns 12,759 shares of the company's stock valued at $268,000 after buying an additional 4,878 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of APA during the 1st quarter valued at $238,000. Rakuten Securities Inc. lifted its position in shares of APA by 499.2% during the 1st quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after buying an additional 1,288 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of APA by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 43,353 shares of the company's stock valued at $911,000 after buying an additional 1,175 shares during the last quarter. Hedge funds and other institutional investors own 83.01% of the company's stock.

APA Price Performance

Shares of NASDAQ APA opened at $23.00 on Friday. The firm has a market capitalization of $8.23 billion, a P/E ratio of 7.69, a P/E/G ratio of 6.70 and a beta of 1.16. 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's 50-day simple moving average is $22.84 and its two-hundred day simple moving average is $19.58. APA Corporation has a twelve month low of $13.58 and a twelve month high of $25.83.

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

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Stockholders of record on Wednesday, October 22nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, October 22nd. APA's dividend payout ratio is presently 33.44%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays boosted their price objective on APA from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 8th. Morgan Stanley decreased their price objective on APA from $23.00 to $22.00 and set an "underweight" rating on the stock in a research note on Tuesday. The Goldman Sachs Group upgraded APA from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Stephens assumed coverage on APA in a research note on Tuesday, August 5th. They set an "equal weight" rating and a $24.00 price objective on the stock. Finally, Evercore ISI boosted their price objective on APA from $16.00 to $21.00 in a research note on Monday. Three research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, APA has a consensus rating of "Hold" and a consensus price target of $24.26.

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.

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