APA Co. (NASDAQ:APA) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its holdings in APA Co. (NASDAQ:APAGet Rating) by 97.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,011 shares of the company’s stock after selling 375,872 shares during the quarter. Bank of Nova Scotia’s holdings in APA were worth $279,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in shares of APA by 7.8% in the 2nd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 11,556 shares of the company’s stock valued at $403,000 after buying an additional 833 shares during the period. Kentucky Retirement Systems increased its stake in APA by 8.4% in the 2nd quarter. Kentucky Retirement Systems now owns 25,103 shares of the company’s stock valued at $876,000 after purchasing an additional 1,948 shares in the last quarter. Level Four Advisory Services LLC purchased a new position in APA in the 2nd quarter valued at approximately $230,000. State of Michigan Retirement System increased its stake in APA by 11.5% in the 2nd quarter. State of Michigan Retirement System now owns 102,073 shares of the company’s stock valued at $3,562,000 after purchasing an additional 10,500 shares in the last quarter. Finally, ING Groep NV increased its stake in APA by 114.5% in the 2nd quarter. ING Groep NV now owns 123,648 shares of the company’s stock valued at $4,315,000 after purchasing an additional 66,013 shares in the last quarter. 83.36% of the stock is owned by institutional investors and hedge funds.

APA Stock Down 1.3 %

NASDAQ:APA opened at $46.34 on Monday. The firm has a market capitalization of $14.90 billion, a PE ratio of 4.43, a price-to-earnings-growth ratio of 0.24 and a beta of 3.70. The stock has a 50 day moving average of $43.95 and a 200-day moving average of $39.16. APA Co. has a 52 week low of $22.94 and a 52 week high of $51.95. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 3.48.

APA (NASDAQ:APAGet Rating) last posted its earnings results on Wednesday, November 2nd. The company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.92 by $0.05. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.35 billion. APA had a return on equity of 325.67% and a net margin of 33.83%. The business’s revenue was up 40.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 earnings per share. Analysts predict that APA Co. will post 8.2 EPS for the current year.

APA Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Friday, October 21st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 20th. This is an increase from APA’s previous quarterly dividend of $0.13. This represents a $1.00 annualized dividend and a dividend yield of 2.16%. APA’s payout ratio is currently 9.55%.

APA declared that its Board of Directors has initiated a stock buyback program on Wednesday, September 14th that allows the company to buyback 40,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on APA. 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 raised their price target on APA from $38.00 to $46.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 19th. Mizuho dropped their price target on APA from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, October 24th. StockNews.com downgraded APA from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 5th. Finally, Barclays lowered their price objective on APA from $53.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, October 19th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, APA has an average rating of “Moderate Buy” and an average price target of $52.39.

APA Profile

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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.

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Institutional Ownership by Quarter for APA (NASDAQ:APA)

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