Teachers Retirement System of The State of Kentucky boosted its position in shares of APA Co. (NASDAQ:APA – Get Rating) by 488.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 163,893 shares of the company’s stock after acquiring an additional 136,059 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in APA were worth $6,773,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Asia Research & Capital Management Ltd bought a new stake in APA during the first quarter valued at about $118,168,000. Invesco Ltd. grew its holdings in APA by 17.0% during the fourth quarter. Invesco Ltd. now owns 17,493,238 shares of the company’s stock valued at $470,392,000 after purchasing an additional 2,547,210 shares during the period. Millennium Management LLC grew its holdings in APA by 565.2% during the fourth quarter. Millennium Management LLC now owns 2,473,762 shares of the company’s stock valued at $66,519,000 after purchasing an additional 2,101,876 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in APA by 191.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,144,248 shares of the company’s stock valued at $129,952,000 after purchasing an additional 2,064,022 shares during the period. Finally, Mirabella Financial Services LLP bought a new position in shares of APA in the fourth quarter worth about $2,007,000. Hedge funds and other institutional investors own 83.36% of the company’s stock.
APA Trading Down 2.5 %
Shares of APA stock opened at $40.46 on Friday. APA Co. has a 1 year low of $18.52 and a 1 year high of $51.95. The company has a debt-to-equity ratio of 3.43, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50 day simple moving average is $36.22 and its two-hundred day simple moving average is $38.50. The company has a market cap of $13.21 billion, a PE ratio of 4.55, a price-to-earnings-growth ratio of 0.16 and a beta of 3.81.
APA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, September 14th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
APA Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Friday, October 21st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.47%. This is an increase from APA’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, October 20th. APA’s dividend payout ratio is presently 5.62%.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. MKM Partners upped their price objective on APA from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Susquehanna dropped their price objective on APA from $52.00 to $49.00 and set a “positive” rating for the company in a research note on Friday, August 5th. The Goldman Sachs Group dropped their price objective on APA from $52.00 to $41.00 and set a “neutral” rating for the company in a research note on Tuesday, July 5th. StockNews.com lowered APA from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 13th. Finally, Susquehanna Bancshares dropped their price objective on APA from $52.00 to $49.00 and set a “positive” rating for the company in a research note on Friday, August 5th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.31.
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.
- Get a free copy of the StockNews.com research report on APA (APA)
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