APA (NASDAQ:APA) Sets New 12-Month High - Time to Buy?

Key Points

• APA shares reached a new 52-week high, trading as high as $45.96 and recently around $45.73, above the prior close of $44.84.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and a $42.76 price target, below its recent trading level. Ratings include 10 Buys, 17 Holds, and 4 Sells.
• APA slightly missed quarterly expectations, reporting $1.89 in EPS versus $1.90 expected and revenue of $2.37 billion versus $2.46 billion forecast. Institutional investors own approximately 83.01% of the company.

Shares of APA Corporation (NASDAQ:APA - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $45.96 and last traded at $45.7290, with a volume of 71642 shares. The stock had previously closed at $44.84.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on APA shares. The Goldman Sachs Group restated a "sell" rating and issued a $43.00 price objective on shares of APA in a report on Monday. Mizuho upgraded APA to a "strong sell" rating in a research note on Friday, July 31st. Roth Capital set a $39.00 price objective on APA in a research report on Thursday, August 6th. Morgan Stanley reduced their price objective on APA from $44.00 to $41.00 and set an "underweight" rating for the company in a research report on Friday, June 26th. Finally, Wells Fargo & Company lifted their price objective on APA from $49.00 to $50.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 2nd. Ten research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $42.76.

APA Stock Down 0.4%

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The firm has a market cap of $15.65 billion, a P/E ratio of 9.44, a PEG ratio of 0.76 and a beta of 0.37. The company's 50 day simple moving average is $38.49 and its 200-day simple moving average is $37.28.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.01). APA had a net margin of 19.48% and a return on equity of 24.84%. The company had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same period in the previous year, the business earned $0.87 EPS. Research analysts forecast that APA Corporation will post 5.7 earnings per share for the current fiscal year.

Institutional Trading of APA

Several large investors have recently modified their holdings of the company. Hollencrest Capital Management boosted its position in APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company's stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC purchased a new stake in shares of APA during the 1st quarter valued at about $28,000. Summit Securities Group LLC lifted its stake in shares of APA by 115.1% in the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company's stock worth $32,000 after purchasing an additional 710 shares during the period. MidFirst Bank bought a new position in shares of APA in the 2nd quarter worth approximately $33,000. Finally, Compass Financial Management LLC bought a new stake in APA during the second quarter valued at approximately $33,000. Institutional investors own 83.01% of the company's stock.

APA Company Profile

APA Corporation NASDAQ: APA is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates through subsidiaries and manages upstream assets spanning exploration, drilling, production and related field-development activities.

APA's principal producing operations are in the Permian Basin of the United States and in Egypt. The company has also pursued offshore exploration opportunities in Suriname, where it has participated in drilling and appraisal activities in the country's offshore blocks.

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