Scotiabank Comments on APA's FY2024 Earnings (NASDAQ:APA)

APA Co. (NASDAQ:APA - Free Report) - Equities researchers at Scotiabank upped their FY2024 earnings per share (EPS) estimates for shares of APA in a report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the company will post earnings of $4.10 per share for the year, up from their previous forecast of $3.90. Scotiabank has a "Sector Perform" rating and a $27.00 price objective on the stock. The consensus estimate for APA's current full-year earnings is $4.01 per share.

Several other research firms also recently issued reports on APA. Royal Bank of Canada dropped their price objective on shares of APA from $34.00 to $32.00 and set a "sector perform" rating on the stock in a report on Monday, November 11th. Evercore ISI lowered their price target on APA from $39.00 to $33.00 and set an "in-line" rating on the stock in a research note on Monday, September 30th. Mizuho reduced their price objective on APA from $25.00 to $24.00 and set an "underperform" rating for the company in a research report on Monday, December 16th. Citigroup decreased their price objective on APA from $29.00 to $24.00 and set a "neutral" rating on the stock in a report on Tuesday, November 26th. Finally, Wells Fargo & Company lowered APA from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $42.00 to $25.00 in a research note on Tuesday, December 17th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, APA currently has an average rating of "Hold" and an average price target of $30.55.

APA Price Performance

APA stock remained flat at $23.68 on Friday. 5,845,516 shares of the company were exchanged, compared to its average volume of 5,321,436. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 3.34 and a beta of 3.16. APA has a fifty-two week low of $20.32 and a fifty-two week high of $36.04. The company has a 50 day simple moving average of $22.44 and a two-hundred day simple moving average of $25.73. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03.

Hedge Funds Weigh In On APA

Several hedge funds have recently added to or reduced their stakes in APA. TD Private Client Wealth LLC lifted its position in APA by 84.1% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company's stock valued at $29,000 after purchasing an additional 540 shares during the period. Huntington National Bank lifted its holdings in APA by 48.8% in the third quarter. Huntington National Bank now owns 1,710 shares of the company's stock valued at $42,000 after buying an additional 561 shares during the period. Blue Trust Inc. boosted its stake in APA by 164.2% in the third quarter. Blue Trust Inc. now owns 2,581 shares of the company's stock valued at $63,000 after acquiring an additional 1,604 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new stake in APA during the 2nd quarter worth $76,000. Finally, Sunbelt Securities Inc. grew its holdings in APA by 269.9% during the 2nd quarter. Sunbelt Securities Inc. now owns 2,671 shares of the company's stock worth $79,000 after acquiring an additional 1,949 shares during the period. Institutional investors own 83.01% of the company's stock.

Insider Activity at APA

In other news, Director Juliet S. Ellis bought 4,391 shares of the stock in a transaction dated Thursday, December 12th. The stock was bought at an average cost of $22.78 per share, with a total value of $100,026.98. Following the purchase, the director now owns 12,436 shares of the company's stock, valued at approximately $283,292.08. This represents a 54.58 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

APA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Wednesday, January 22nd will be paid a $0.25 dividend. The ex-dividend date is Wednesday, January 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.22%. APA's dividend payout ratio (DPR) is presently 14.12%.

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.