APA (NASDAQ:APA) Trading Down 4.6% - Here's What Happened

Shares of APA Co. (NASDAQ:APA - Get Free Report) traded down 4.6% during mid-day trading on Wednesday . The stock traded as low as $17.98 and last traded at $17.72. 823,923 shares traded hands during trading, a decline of 89% from the average session volume of 7,757,566 shares. The stock had previously closed at $18.57.

Analyst Upgrades and Downgrades

A number of research firms have commented on APA. Royal Bank of Canada restated a "sector perform" rating and issued a $32.00 target price on shares of APA in a research report on Thursday, January 23rd. Citigroup reduced their target price on shares of APA from $29.00 to $24.00 and set a "neutral" rating on the stock in a report on Tuesday, November 26th. Mizuho cut their price target on shares of APA from $25.00 to $24.00 and set an "underperform" rating on the stock in a research note on Monday, December 16th. Susquehanna lowered their price objective on shares of APA from $33.00 to $31.00 and set a "positive" rating on the stock in a research report on Monday. Finally, Raymond James lifted their price objective on APA from $44.00 to $45.00 and gave the stock a "strong-buy" rating in a report on Thursday, January 23rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, APA has a consensus rating of "Hold" and a consensus price target of $29.80.

APA Trading Down 2.2 %

The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 1.24. The business's fifty day moving average price is $22.86 and its 200 day moving average price is $23.83. The company has a market cap of $6.72 billion, a price-to-earnings ratio of 2.57 and a beta of 3.26.

APA (NASDAQ:APA - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.18). APA had a net margin of 24.36% and a return on equity of 27.86%. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.31 billion. Research analysts anticipate that APA Co. will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Tuesday, April 22nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.51%. APA's dividend payout ratio (DPR) is 44.25%.

Insiders Place Their Bets

In related news, Director Juliet S. Ellis bought 4,391 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average price of $22.78 per share, for a total transaction of $100,026.98. Following the completion of the acquisition, the director now owns 12,436 shares of the company's stock, valued at $283,292.08. This trade represents a 54.58 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On APA

Several large investors have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of APA by 12.6% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 30,471,834 shares of the company's stock worth $745,341,000 after purchasing an additional 3,411,270 shares during the last quarter. Harris Associates L P increased its stake in APA by 20.8% in the third quarter. Harris Associates L P now owns 24,914,700 shares of the company's stock worth $609,414,000 after purchasing an additional 4,293,932 shares during the period. Invesco Ltd. lifted its holdings in APA by 6.9% during the 4th quarter. Invesco Ltd. now owns 13,230,751 shares of the company's stock valued at $305,498,000 after buying an additional 850,052 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of APA by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,886,087 shares of the company's stock valued at $297,540,000 after acquiring an additional 894,574 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its holdings in shares of APA by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 9,667,452 shares of the company's stock worth $236,466,000 after buying an additional 326,042 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Company Profile

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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