Wells Fargo & Company Initiates Coverage on APA (NASDAQ:APA)

Equities research analysts at Wells Fargo & Company started coverage on shares of APA (NASDAQ:APA - Get Free Report) in a report issued on Wednesday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $55.00 price target on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 71.61% from the company's previous close.

A number of other research analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $45.00 price objective on shares of APA in a research note on Monday, April 8th. Mizuho dropped their target price on shares of APA from $36.00 to $34.00 and set an "underperform" rating for the company in a report on Friday, March 15th. Piper Sandler raised their price objective on shares of APA from $33.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, April 19th. JPMorgan Chase & Co. raised their price objective on shares of APA from $38.00 to $40.00 and gave the stock a "neutral" rating in a report on Thursday, April 11th. Finally, Barclays started coverage on shares of APA in a report on Wednesday, April 10th. They issued an "equal weight" rating and a $40.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $42.25.

APA Stock Performance

Shares of NASDAQ APA traded down $0.01 during midday trading on Wednesday, reaching $32.05. The company's stock had a trading volume of 4,521,536 shares, compared to its average volume of 6,836,163. APA has a 12-month low of $29.47 and a 12-month high of $46.15. The firm has a 50 day moving average price of $32.46 and a 200-day moving average price of $34.53. The stock has a market capitalization of $9.65 billion, a P/E ratio of 3.45 and a beta of 3.27. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.02 and a quick ratio of 1.02.

APA (NASDAQ:APA - Get Free Report) last posted its earnings results on Thursday, February 22nd. The company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.18). The company had revenue of $2.17 billion for the quarter, compared to analysts' expectations of $2.07 billion. APA had a return on equity of 62.64% and a net margin of 34.95%. The company's revenue was down 12.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. As a group, equities analysts predict that APA will post 4.96 earnings per share for the current year.

Hedge Funds Weigh In On APA

Hedge funds have recently added to or reduced their stakes in the company. American National Bank boosted its position in APA by 208.5% in the 1st quarter. American National Bank now owns 725 shares of the company's stock valued at $25,000 after buying an additional 490 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in APA in the 3rd quarter valued at about $34,000. Quent Capital LLC boosted its position in APA by 64.0% in the 4th quarter. Quent Capital LLC now owns 961 shares of the company's stock valued at $34,000 after buying an additional 375 shares during the period. Rakuten Securities Inc. purchased a new stake in APA in the 4th quarter valued at about $34,000. Finally, Principal Securities Inc. purchased a new stake in APA in the 4th quarter valued at about $39,000. 83.01% of the stock is currently owned by institutional investors.

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.