Roth Mkm Boosts APA (NASDAQ:APA) Price Target to $37.00

Key Points

• Roth Mkm raised APA's price target to $37 from $27 while keeping a "neutral" rating, implying roughly a 1.78% upside from the prior close.
• Multiple analysts also lifted targets (Sanford Bernstein and Piper Sandler to $37, Morgan Stanley to $43, UBS to $34, BofA to $27), and the consensus remains a Hold with an average price target of $38.46 (7 Buy, 20 Hold, 4 Sell).
• APA beat quarterly estimates with EPS of $0.91 versus $0.62 expected and revenue above forecasts, but revenue was down 26.6% year‑over‑year; the stock has a market cap of $12.85 billion and a P/E of 9.09.

APA (NASDAQ:APA - Get Free Report) had its price target boosted by equities researchers at Roth Mkm from $27.00 to $37.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm currently has a "neutral" rating on the stock. Roth Mkm's price objective indicates a potential upside of 1.78% from the stock's previous close.

Several other research analysts have also weighed in on the stock. Sanford C. Bernstein increased their price objective on shares of APA from $25.00 to $37.00 and gave the stock a "market perform" rating in a report on Monday. Piper Sandler increased their price target on shares of APA from $30.00 to $37.00 and gave the stock a "neutral" rating in a research note on Thursday, March 12th. UBS Group increased their price target on shares of APA from $30.00 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, March 2nd. Morgan Stanley increased their price target on shares of APA from $22.00 to $43.00 and gave the stock an "underweight" rating in a research note on Friday, March 27th. Finally, Bank of America upped their price objective on APA from $23.00 to $27.00 and gave the stock an "underperform" rating in a report on Monday, March 16th. Seven investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $38.46.

APA Stock Down 1.8%

APA stock opened at $36.35 on Wednesday. The company has a 50 day moving average price of $34.28 and a two-hundred day moving average price of $27.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $12.85 billion, a P/E ratio of 9.09 and a beta of 0.49. APA has a one year low of $14.84 and a one year high of $45.66.

APA (NASDAQ:APA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.29. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.89 billion. APA had a return on equity of 19.89% and a net margin of 15.55%.The business's revenue for the quarter was down 26.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. As a group, sell-side analysts expect that APA will post 4.03 EPS for the current year.

Insider Activity at APA

In other news, Director Matthew Regis Bob sold 23,000 shares of the firm's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total value of $833,290.00. Following the transaction, the director directly owned 6,634 shares in the company, valued at $240,349.82. This trade represents a 77.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On APA

A number of large investors have recently modified their holdings of APA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in APA by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company's stock worth $700,000 after purchasing an additional 2,070 shares during the period. NewEdge Advisors LLC boosted its position in APA by 49.6% during the 1st quarter. NewEdge Advisors LLC now owns 10,785 shares of the company's stock worth $227,000 after purchasing an additional 3,578 shares during the period. Goldman Sachs Group Inc. boosted its position in APA by 43.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company's stock worth $56,092,000 after purchasing an additional 806,252 shares during the period. Focus Partners Wealth raised its holdings in shares of APA by 10.6% during the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company's stock valued at $942,000 after buying an additional 4,297 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of APA during the 2nd quarter valued at about $5,199,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

About APA

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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