Mizuho Issues Pessimistic Forecast for APA (NASDAQ:APA) Stock Price

Key Points

• Mizuho has reduced its price target for APA (NASDAQ:APA) from $19.00 to $18.00, indicating a potential downside of 22.11% from the stock's previous close.
• Despite Mizuho's pessimistic forecast, other firms like Raymond James and Goldman Sachs have assigned different price targets, with averages suggesting a consensus target price of $23.78.
• In the latest quarter, APA reported earnings per share of $0.87, exceeding analysts' expectations while experiencing a 14.4% decrease in revenue year-over-year.

APA (NASDAQ:APA - Get Free Report) had its price objective decreased by equities research analysts at Mizuho from $19.00 to $18.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "underperform" rating on the stock. Mizuho's price objective points to a potential downside of 22.11% from the stock's previous close.

APA has been the topic of a number of other research reports. Raymond James Financial restated an "outperform" rating and set a $28.00 price target (up previously from $26.00) on shares of APA in a research note on Wednesday, September 10th. Stephens started coverage on shares of APA in a research report on Tuesday, August 5th. They set an "equal weight" rating and a $24.00 target price on the stock. The Goldman Sachs Group lifted their target price on shares of APA from $17.00 to $19.00 and gave the company a "sell" rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. increased their price target on shares of APA from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, Cowen reissued a "hold" rating on shares of APA in a research report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $23.78.

APA Stock Performance

APA traded up $0.27 on Monday, reaching $23.11. The company had a trading volume of 1,055,868 shares, compared to its average volume of 7,853,507. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62. APA has a 1 year low of $13.58 and a 1 year high of $27.48. The stock has a market capitalization of $8.27 billion, a PE ratio of 7.72, a P/E/G ratio of 7.03 and a beta of 1.29. The stock has a 50-day moving average price of $20.56 and a 200-day moving average price of $18.91.

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

Institutional Trading of APA

Hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC boosted its position in shares of APA by 2,709.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company's stock worth $30,000 after purchasing an additional 1,382 shares in the last quarter. Rakuten Securities Inc. lifted its stake in shares of APA by 499.2% in the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company's stock valued at $32,000 after purchasing an additional 1,288 shares during the period. TD Private Client Wealth LLC boosted its holdings in APA by 144.9% during the second quarter. TD Private Client Wealth LLC now owns 1,866 shares of the company's stock worth $34,000 after buying an additional 1,104 shares in the last quarter. CVA Family Office LLC grew its position in APA by 6,096.7% during the second quarter. CVA Family Office LLC now owns 1,859 shares of the company's stock worth $34,000 after buying an additional 1,829 shares during the period. Finally, MAI Capital Management increased its holdings in APA by 76.5% in the second quarter. MAI Capital Management now owns 2,134 shares of the company's stock valued at $39,000 after buying an additional 925 shares in the last quarter. 83.01% of the stock is owned by institutional investors and hedge funds.

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.

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