APA (NASDAQ:APA) Price Target Cut to $40.00 by Analysts at Citigroup

APA (NASDAQ:APA) had its price target cut by analysts at Citigroup from $45.00 to $40.00 in a note issued to investors on Friday,MarketScreener reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 16.39% from the company’s current price.

APA has been the subject of several other reports. Scotiabank upgraded APA to a “hold” rating in a report on Friday, March 27th. TD Cowen raised shares of APA to a “hold” rating in a research report on Monday, February 9th. Wolfe Research increased their target price on APA from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Truist Financial began coverage on shares of APA in a research note on Tuesday, March 24th. They issued a “hold” rating and a $38.00 target price for the company. Finally, Sanford C. Bernstein upped their target price on shares of APA from $25.00 to $37.00 and gave the company a “market perform” rating in a research report on Monday. Seven investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, APA currently has an average rating of “Hold” and a consensus price target of $38.69.

APA Trading Down 9.3%

Shares of NASDAQ APA opened at $34.37 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $12.15 billion, a PE ratio of 8.50 and a beta of 0.49. The business has a 50-day moving average price of $34.70 and a two-hundred day moving average price of $28.11. APA has a one year low of $15.15 and a one year high of $45.66.

APA (NASDAQ:APA) last issued its earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.29. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.89 billion. APA had a net margin of 15.55% and a return on equity of 19.89%. The company’s revenue for the quarter was down 26.6% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS. As a group, analysts predict that APA will post 4.03 earnings per share for the current fiscal year.

Insider Buying and Selling at APA

In related news, Director Matthew Regis Bob sold 23,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the sale, the director owned 6,634 shares in the company, valued at $240,349.82. The trade was a 77.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On APA

A number of institutional investors have recently modified their holdings of APA. United Capital Management of KS Inc. bought a new stake in APA during the third quarter worth $1,214,000. Allspring Global Investments Holdings LLC raised its holdings in APA by 869.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 194,418 shares of the company’s stock valued at $4,872,000 after acquiring an additional 174,369 shares during the period. Jackson Creek Investment Advisors LLC bought a new position in shares of APA in the third quarter valued at approximately $2,337,000. AE Wealth Management LLC boosted its stake in APA by 2,049.4% during the third quarter. AE Wealth Management LLC now owns 403,511 shares of the company’s stock valued at $9,797,000 after buying an additional 384,738 shares during the period. Finally, D.A. Davidson & CO. purchased a new position in shares of APA during the third quarter worth about $1,828,000. 83.01% of the stock is owned by institutional investors and hedge funds.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.