Wedge Capital Management L L P NC Sells 65,294 Shares of APA Corporation $APA

Key Points

• Wedge Capital Management L L P NC reduced its stake in APA Corporation by 18.3%, now holding 291,139 shares worth approximately $5.3 million as of its latest SEC filing.
• Institutional investor interest is high, with about 83.01% of APA's stock owned by hedge funds and other institutional investors, indicating significant market confidence in the company.
• Despite a 14.4% year-over-year decline in revenue, APA reported earnings per share of $0.87, exceeding analyst expectations, and has announced a $0.25 quarterly dividend with a yield of 4.3%.

Wedge Capital Management L L P NC lessened its stake in shares of APA Corporation (NASDAQ:APA - Free Report) by 18.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 291,139 shares of the company's stock after selling 65,294 shares during the quarter. Wedge Capital Management L L P NC owned 0.08% of APA worth $5,325,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of APA. UMB Bank n.a. grew its holdings in shares of APA by 251.1% during the second quarter. UMB Bank n.a. now owns 9,598 shares of the company's stock valued at $176,000 after purchasing an additional 6,864 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in APA by 227.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 98,145 shares of the company's stock worth $1,917,000 after buying an additional 68,149 shares in the last quarter. Woodstock Corp grew its holdings in APA by 21.7% in the 2nd quarter. Woodstock Corp now owns 325,052 shares of the company's stock worth $5,945,000 after buying an additional 58,017 shares in the last quarter. Czech National Bank grew its holdings in APA by 3.8% in the 2nd quarter. Czech National Bank now owns 88,208 shares of the company's stock worth $1,613,000 after buying an additional 3,237 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in APA by 40.8% in the 2nd quarter. Parallel Advisors LLC now owns 11,403 shares of the company's stock worth $209,000 after buying an additional 3,306 shares in the last quarter. Institutional investors and hedge funds own 83.01% of the company's stock.

APA Stock Up 1.1%

APA stock traded up $0.26 during mid-day trading on Tuesday, hitting $23.87. 3,610,201 shares of the company's stock were exchanged, compared to its average volume of 7,870,099. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.62. The stock has a market cap of $8.54 billion, a P/E ratio of 7.97, a P/E/G ratio of 6.70 and a beta of 1.29. APA Corporation has a 1-year low of $13.58 and a 1-year high of $27.48. The stock has a 50 day moving average of $21.00 and a two-hundred day moving average of $19.11.

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

APA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Wednesday, October 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, October 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.2%. APA's dividend payout ratio (DPR) is currently 33.44%.

Analysts Set New Price Targets

APA has been the subject of a number of recent research reports. UBS Group increased their price objective on APA from $21.00 to $23.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Barclays increased their target price on APA from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, August 8th. Mizuho reduced their target price on APA from $19.00 to $18.00 and set an "underperform" rating for the company in a report on Monday, September 15th. Cowen reaffirmed a "hold" rating on shares of APA in a research note on Thursday, August 7th. Finally, Piper Sandler upped their price target on shares of APA from $21.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, August 14th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, APA has a consensus rating of "Hold" and an average target price of $23.78.

About APA

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.