APA Co. (NASDAQ:APA - Get Free Report) shares traded down 7.9% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $20.41 and last traded at $20.28. 6,272,234 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 6,517,342 shares. The stock had previously closed at $22.01.
The company reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.18). The business had revenue of $2.50 billion for the quarter, compared to analysts' expectations of $2.31 billion. APA had a return on equity of 27.86% and a net margin of 24.36%.
APA Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Tuesday, April 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.29%. The ex-dividend date is Tuesday, April 22nd. APA's payout ratio is presently 44.25%.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on APA shares. The Goldman Sachs Group dropped their target price on shares of APA from $25.00 to $22.00 and set a "sell" rating on the stock in a research report on Friday, January 3rd. Susquehanna cut their price objective on APA from $33.00 to $31.00 and set a "positive" rating for the company in a research note on Monday. Citigroup decreased their target price on APA from $29.00 to $24.00 and set a "neutral" rating on the stock in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a "sector perform" rating and set a $32.00 price target on shares of APA in a research report on Thursday, January 23rd. Finally, Wells Fargo & Company lowered APA from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $42.00 to $25.00 in a report on Tuesday, December 17th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $29.80.
Read Our Latest Stock Report on APA
Insider Activity
In other APA news, Director Juliet S. Ellis acquired 4,391 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the completion of the transaction, the director now owns 12,436 shares of the company's stock, valued at approximately $283,292.08. The trade was a 54.58 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.30% of the company's stock.
Hedge Funds Weigh In On APA
Several large investors have recently modified their holdings of APA. Brown Brothers Harriman & Co. raised its holdings in APA by 1,087.9% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company's stock valued at $27,000 after buying an additional 1,077 shares during the period. TD Private Client Wealth LLC increased its position in shares of APA by 84.1% during the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company's stock valued at $29,000 after acquiring an additional 540 shares during the last quarter. Riverview Trust Co raised its stake in shares of APA by 5,718.2% in the 4th quarter. Riverview Trust Co now owns 1,280 shares of the company's stock valued at $30,000 after acquiring an additional 1,258 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of APA by 77.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company's stock worth $31,000 after acquiring an additional 586 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of APA during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 83.01% of the company's stock.
APA Price Performance
The stock has a market cap of $6.99 billion, a PE ratio of 2.67 and a beta of 3.15. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.24 and a current ratio of 1.24. The stock's 50-day moving average is $22.98 and its two-hundred day moving average is $23.98.
APA Company Profile
(
Get Free Report)
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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