Stephens Raises APA (NASDAQ:APA) Price Target to $47.00

Key Points

• Stephens raised its price target on APA from $43 to $47, implying about 23.4% upside from the stock’s current price.
• APA’s latest quarterly results beat expectations, with EPS of $1.38 versus the $1.11 estimate and revenue of $2.33 billion above consensus.
• Analyst sentiment remains mixed: APA has a consensus Hold rating with an average target price of $41.04, despite several recent target increases from other firms.

APA (NASDAQ:APA - Get Free Report) had its price target increased by equities research analysts at Stephens from $43.00 to $47.00 in a report released on Wednesday,MarketScreener reports. Stephens' price target indicates a potential upside of 23.41% from the company's current price.

A number of other analysts also recently weighed in on the stock. Zacks Research cut shares of APA from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their price objective on APA from $38.00 to $41.00 in a research report on Friday, May 8th. BMO Capital Markets cut their target price on APA from $47.00 to $45.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 13th. Royal Bank Of Canada raised their target price on APA from $29.00 to $45.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 8th. Finally, Scotiabank lifted their target price on APA from $26.00 to $36.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Eight equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $41.04.

APA Price Performance

Shares of APA traded up $0.08 during mid-day trading on Wednesday, reaching $38.08. The company had a trading volume of 394,104 shares, compared to its average volume of 7,441,537. APA has a 1-year low of $17.74 and a 1-year high of $45.66. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $13.46 billion, a price-to-earnings ratio of 8.86 and a beta of 0.33. The company's 50 day simple moving average is $38.52 and its 200 day simple moving average is $31.92.

APA (NASDAQ:APA - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.11 by $0.27. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.13 billion. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm's revenue was down 11.7% compared to the same quarter last year. During the same period last year, the company earned $1.06 EPS. Analysts expect that APA will post 5.5 EPS for the current year.

Insider Buying and Selling at APA

In other APA news, VP Mark D. Maddox sold 9,800 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total value of $392,392.00. Following the transaction, the vice president directly owned 66,810 shares in the company, valued at approximately $2,675,072.40. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Regis Bob sold 23,000 shares of the business's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $36.23, for a total value of $833,290.00. Following the sale, the director directly owned 6,634 shares of the company's stock, valued at $240,349.82. This represents a 77.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.73% of the company's stock.

Institutional Investors Weigh In On APA

Institutional investors have recently added to or reduced their stakes in the stock. United Capital Management of KS Inc. bought a new stake in shares of APA during the 3rd quarter worth approximately $1,214,000. Allspring Global Investments Holdings LLC boosted its position in APA by 57.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 306,195 shares of the company's stock valued at $7,765,000 after buying an additional 111,777 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in APA by 71.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 185,818 shares of the company's stock worth $4,437,000 after acquiring an additional 77,125 shares in the last quarter. Gotham Asset Management LLC increased its position in shares of APA by 49.5% during the third quarter. Gotham Asset Management LLC now owns 1,578,720 shares of the company's stock worth $38,331,000 after acquiring an additional 522,673 shares during the period. Finally, Kingsview Wealth Management LLC raised its stake in shares of APA by 604.4% during the third quarter. Kingsview Wealth Management LLC now owns 208,287 shares of the company's stock valued at $5,057,000 after acquiring an additional 178,717 shares in the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

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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