DnB Asset Management AS purchased a new position in shares of APA Co. (NASDAQ:APA – Get Rating) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,218 shares of the company’s stock, valued at approximately $1,753,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in APA. Covestor Ltd boosted its stake in APA by 117.8% in the first quarter. Covestor Ltd now owns 808 shares of the company’s stock valued at $33,000 after acquiring an additional 437 shares during the last quarter. Tobam purchased a new position in APA in the first quarter valued at about $74,000. Geneos Wealth Management Inc. boosted its stake in APA by 28.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,819 shares of the company’s stock valued at $75,000 after acquiring an additional 399 shares during the last quarter. NuWave Investment Management LLC purchased a new position in APA in the first quarter valued at about $78,000. Finally, Parkside Financial Bank & Trust raised its position in shares of APA by 94.1% in the first quarter. Parkside Financial Bank & Trust now owns 1,947 shares of the company’s stock valued at $80,000 after purchasing an additional 944 shares during the period. 83.36% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have recently issued reports on APA shares. Piper Sandler lowered their price target on shares of APA from $54.00 to $47.00 and set a “neutral” rating on the stock in a research report on Friday, July 22nd. Citigroup raised shares of APA from a “neutral” rating to a “buy” rating and boosted their price target for the company from $40.00 to $58.00 in a research report on Monday, September 12th. The Goldman Sachs Group lowered their price target on shares of APA from $52.00 to $41.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 5th. Barclays lowered their price target on shares of APA from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 31st. Finally, Susquehanna Bancshares lowered their price target on shares of APA from $52.00 to $49.00 and set a “positive” rating on the stock in a research report on Friday, August 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, APA presently has an average rating of “Moderate Buy” and an average target price of $52.94.
APA Price Performance
APA (NASDAQ:APA – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $2.37 EPS for the quarter, hitting analysts’ consensus estimates of $2.37. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $2.77 billion. APA had a net margin of 32.57% and a return on equity of 622.55%. On average, equities research analysts anticipate that APA Co. will post 9.81 earnings per share for the current fiscal year.
APA Increases Dividend
The business 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 is a positive change from APA’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, October 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.60%. APA’s dividend payout ratio is presently 5.62%.
APA declared that its Board of Directors has approved a share buyback program on Wednesday, September 14th that authorizes the company to repurchase 40,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
APA Company Profile
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.
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