Wealthfront Advisers LLC Purchases New Position in APA Corporation $APA

Key Points

• Wealthfront Advisers purchased 100,734 shares of APA Corporation in the second quarter, valued at approximately $3.28 million. Institutional investors collectively own 83.01% of APA’s outstanding stock.
• Analyst sentiment remains mixed: 10 analysts rate APA a Buy, 16 a Hold and four a Sell, producing an overall “Hold” rating and an average price target of $41.50.
• APA reported quarterly EPS of $1.89, slightly below the $1.90 consensus estimate, while revenue of $2.37 billion also missed expectations. The stock recently traded at $44.39, near its 52-week high of $45.66.

Wealthfront Advisers LLC bought a new stake in APA Corporation (NASDAQ:APA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 100,734 shares of the company's stock, valued at approximately $3,281,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans grew its holdings in shares of APA by 85.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 80,815 shares of the company's stock worth $1,976,000 after buying an additional 37,180 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in APA by 59.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,895 shares of the company's stock valued at $2,761,000 after buying an additional 42,068 shares during the period. PNC Financial Services Group Inc. raised its position in APA by 20.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 193,102 shares of the company's stock worth $4,723,000 after buying an additional 32,357 shares during the last quarter. Prudential PLC raised its position in APA by 753.2% during the 4th quarter. Prudential PLC now owns 136,744 shares of the company's stock worth $3,345,000 after buying an additional 120,717 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of APA in the 4th quarter worth $19,968,000. Hedge funds and other institutional investors own 83.01% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Capital One Financial lifted their target price on shares of APA from $50.00 to $51.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. increased their price target on shares of APA from $38.00 to $41.00 in a report on Friday, May 8th. Benchmark raised their price objective on shares of APA from $40.00 to $46.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Mizuho raised APA to a "strong sell" rating in a report on Friday, July 31st. Finally, The Goldman Sachs Group dropped 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. Ten research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $41.50.

APA Trading Up 2.2%

NASDAQ:APA opened at $44.39 on Friday. The company has a market capitalization of $15.55 billion, a PE ratio of 9.38 and a beta of 0.35. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. APA Corporation has a 52-week low of $19.96 and a 52-week high of $45.66. The stock has a fifty day simple moving average of $35.85 and a 200-day simple moving average of $35.74.

APA (NASDAQ:APA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01). The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%.During the same quarter in the prior year, the firm earned $0.87 earnings per share. On average, equities research analysts expect that APA Corporation will post 5.27 earnings per share 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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