Mizuho Increases APA (NASDAQ:APA) Price Target to $32.00

Key Points

• Mizuho raised its price target on APA from $29 to $32 but kept an "underperform" rating, with the new target implying roughly a 16.45% downside from the prior close.
• Despite Mizuho's view, analysts overall have trended higher on APA — the consensus rating is Hold with a consensus price target of $39.62 after several firms (e.g., Morgan Stanley, Evercore, Scotiabank) lifted targets.
• APA beat Q1 expectations, reporting $1.38 EPS versus $1.11 expected and $2.33B in revenue versus $2.13B expected, although revenue was down about 11.7% year‑over‑year.

APA (NASDAQ:APA - Get Free Report) had its target price hoisted by equities researchers at Mizuho from $29.00 to $32.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "underperform" rating on the stock. Mizuho's target price would indicate a potential downside of 16.45% from the stock's previous close.

APA has been the subject of a number of other reports. Morgan Stanley lifted their target price on APA from $22.00 to $43.00 and gave the company an "underweight" rating in a research note on Tuesday, April 28th. Truist Financial lifted their target price on APA from $38.00 to $39.00 and gave the company a "hold" rating in a research note on Monday, April 20th. Scotiabank lifted their price target on APA from $26.00 to $36.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Evercore lifted their price target on APA from $25.00 to $40.00 and gave the company a "neutral" rating in a report on Tuesday, March 24th. Finally, Zacks Research raised APA from a "hold" rating to a "strong-buy" rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nineteen have issued a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.62.

APA Stock Down 7.7%

NASDAQ:APA opened at $38.30 on Thursday. The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of 9.60 and a beta of 0.38. APA has a one year low of $15.20 and a one year high of $45.66. The stock has a 50-day simple moving average of $37.21 and a 200 day simple moving average of $29.40. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82.

APA (NASDAQ:APA - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.38 EPS for the quarter, topping analysts' consensus estimates of $1.11 by $0.27. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.13 billion. APA had a return on equity of 19.89% and a net margin of 15.55%.The company's revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period last year, the firm earned $1.06 earnings per share. Sell-side analysts predict that APA will post 5.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Matthew Regis Bob sold 23,000 shares of the business's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the sale, the director owned 6,634 shares of the company's stock, valued at $240,349.82. The trade was a 77.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Cedar Mountain Advisors LLC bought a new position in shares of APA in the first quarter valued at $28,000. Global Assets Advisory LLC bought a new position in shares of APA in the first quarter valued at $44,000. Deseret Mutual Benefit Administrators increased its holdings in shares of APA by 276.7% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company's stock valued at $29,000 after buying an additional 891 shares in the last quarter. Summit Securities Group LLC increased its holdings in shares of APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock valued at $32,000 after buying an additional 710 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in shares of APA in the third quarter valued at $34,000. Institutional investors own 83.01% of the company's stock.

APA Company Profile

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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