APA Corporation $APA Stock Bought by Foundation Resource Management Inc.

Foundation Resource Management Inc. increased its holdings in shares of APA Corporation (NASDAQ:APA) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,294 shares of the company’s stock after acquiring an additional 14,373 shares during the period. Foundation Resource Management Inc. owned approximately 0.08% of APA worth $11,519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of APA. BlackRock Inc. bought a new position in shares of APA during the second quarter valued at approximately $1,173,231,000. Arrowstreet Capital Limited Partnership boosted its position in shares of APA by 1,726.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company’s stock worth $205,176,000 after purchasing an additional 4,569,779 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of APA in the 2nd quarter worth approximately $134,558,000. Allianz Asset Management GmbH boosted its position in shares of APA by 240.5% in the 2nd quarter. Allianz Asset Management GmbH now owns 2,662,794 shares of the company’s stock worth $86,727,000 after purchasing an additional 1,880,674 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of APA by 55.0% in the 1st quarter. First Trust Advisors LP now owns 4,154,301 shares of the company’s stock worth $176,309,000 after purchasing an additional 1,473,626 shares in the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Stock Up 1.2%

NASDAQ:APA traded up $0.61 on Monday, reaching $49.76. 4,388,987 shares of the stock traded hands, compared to its average volume of 6,662,590. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $17.43 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 0.82 and a beta of 0.42. APA Corporation has a 12 month low of $21.63 and a 12 month high of $49.85. The company’s fifty day simple moving average is $43.72 and its 200 day simple moving average is $39.20.

APA (NASDAQ:APA) last issued its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a return on equity of 24.84% and a net margin of 19.48%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the company posted $0.87 EPS. Equities analysts predict that APA Corporation will post 6.00 EPS for the current fiscal year.

APA declared that its board has initiated a stock repurchase plan on Wednesday, September 16th that allows the company to buy back 40,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Share repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

APA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, October 22nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, October 22nd. APA’s payout ratio is presently 21.14%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on APA. Weiss Ratings upgraded APA from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 17th. Susquehanna lifted their price objective on APA from $45.00 to $47.00 and gave the company a “positive” rating in a research note on Tuesday, August 11th. Benchmark lifted their price objective on APA from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Wells Fargo & Company boosted their target price on APA from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 14th. Finally, Truist Financial boosted their target price on APA from $44.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $44.38.

About APA

APA Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s activities include identifying hydrocarbon resources, drilling and completing wells, operating producing properties, and managing related infrastructure.

APA’s principal producing areas include the Permian Basin in the United States and Egypt’s Western Desert, where it operates through joint ventures with the Egyptian General Petroleum Corporation.