APA (NASDAQ:APA) Hits New 1-Year Low on Disappointing Earnings

APA Co. (NASDAQ:APA) hit a new 52-week low during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $29.25 and last traded at $29.40, with a volume of 1620896 shares traded. The stock had previously closed at $30.50.

The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.89 billion. APA had a return on equity of 62.64% and a net margin of 34.95%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share.

APA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Monday, April 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Friday, April 19th. APA’s dividend payout ratio (DPR) is 10.78%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on APA. Wells Fargo & Company began coverage on APA in a report on Wednesday, April 24th. They issued an “overweight” rating and a $55.00 price objective for the company. Morgan Stanley restated an “underweight” rating and issued a $28.00 price objective on shares of APA in a report on Monday, April 15th. The Goldman Sachs Group decreased their price objective on APA from $35.00 to $31.00 and set a “sell” rating for the company in a report on Tuesday, March 26th. JPMorgan Chase & Co. lifted their price target on APA from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price target on shares of APA in a report on Monday, April 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $42.05.

Institutional Trading of APA

A number of institutional investors have recently bought and sold shares of APA. American National Bank raised its holdings in shares of APA by 208.5% during the first quarter. American National Bank now owns 725 shares of the company’s stock valued at $25,000 after purchasing an additional 490 shares during the period. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of APA during the third quarter valued at about $34,000. Quent Capital LLC raised its holdings in shares of APA by 64.0% during the fourth quarter. Quent Capital LLC now owns 961 shares of the company’s stock valued at $34,000 after purchasing an additional 375 shares during the period. Rakuten Securities Inc. bought a new position in APA in the 4th quarter valued at about $34,000. Finally, Principal Securities Inc. acquired a new position in APA during the 4th quarter valued at about $39,000. Institutional investors own 83.01% of the company’s stock.

APA Price Performance

The stock has a market capitalization of $8.79 billion, a P/E ratio of 3.14 and a beta of 3.29. The business has a fifty day simple moving average of $32.56 and a 200 day simple moving average of $34.25. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.41.

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.