Analysts Offer Predictions for APA Co.’s Q3 2022 Earnings (NASDAQ:APA)

APA Co. (NASDAQ:APAGet Rating) – Stock analysts at Capital One Financial lifted their Q3 2022 earnings estimates for APA in a research report issued on Wednesday, August 31st. Capital One Financial analyst B. Velie now forecasts that the company will post earnings per share of $2.50 for the quarter, up from their previous forecast of $1.56. The consensus estimate for APA’s current full-year earnings is $9.41 per share. Capital One Financial also issued estimates for APA’s Q4 2022 earnings at $3.48 EPS, FY2022 earnings at $10.28 EPS, Q1 2023 earnings at $2.79 EPS, Q2 2023 earnings at $3.06 EPS, Q3 2023 earnings at $3.40 EPS, Q4 2023 earnings at $3.73 EPS and FY2023 earnings at $12.98 EPS.

A number of other equities research analysts also recently issued reports on APA. Susquehanna Bancshares cut their price objective on shares of APA from $52.00 to $49.00 and set a “positive” rating for the company in a research report on Friday, August 5th. Barclays cut their price target on shares of APA from $55.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday, August 31st. The Goldman Sachs Group dropped their target price on shares of APA from $52.00 to $41.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 5th. Morgan Stanley dropped their target price on shares of APA from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Monday, August 29th. Finally, Bank of America lowered their price target on shares of APA from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.13.

APA Price Performance

APA stock opened at $38.80 on Monday. The firm has a market capitalization of $12.67 billion, a price-to-earnings ratio of 4.36, a PEG ratio of 0.16 and a beta of 3.90. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a 50 day moving average price of $35.08 and a 200-day moving average price of $38.76. APA has a 52-week low of $18.52 and a 52-week high of $51.95.

APA (NASDAQ:APAGet Rating) last released its earnings results on Wednesday, August 3rd. The company reported $2.37 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.37. APA had a net margin of 32.57% and a return on equity of 622.55%. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $2.77 billion.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Asia Research & Capital Management Ltd acquired a new stake in shares of APA during the first quarter worth approximately $118,168,000. Invesco Ltd. grew its position in shares of APA by 17.0% during the fourth quarter. Invesco Ltd. now owns 17,493,238 shares of the company’s stock worth $470,392,000 after buying an additional 2,547,210 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of APA by 385.8% during the second quarter. Renaissance Technologies LLC now owns 2,954,445 shares of the company’s stock worth $103,110,000 after buying an additional 2,346,254 shares in the last quarter. Millennium Management LLC grew its position in shares of APA by 565.2% during the fourth quarter. Millennium Management LLC now owns 2,473,762 shares of the company’s stock worth $66,519,000 after buying an additional 2,101,876 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of APA by 191.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,144,248 shares of the company’s stock worth $129,952,000 after buying an additional 2,064,022 shares in the last quarter. Hedge funds and other institutional investors own 83.36% of the company’s stock.

About APA

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APA Corporation, through its subsidiaries, explores for, develops, and produces oil and gas properties. It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities offshore Suriname. The company also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.

See Also

Earnings History and Estimates for APA (NASDAQ:APA)

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