APA (NASDAQ:APA) Reaches New 12-Month Low Following Weak Earnings

APA Co. (NASDAQ:APA) shares reached a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $29.25 and last traded at $29.40, with a volume of 1620896 shares trading hands. The stock had previously closed at $30.50.

The company reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.12). APA had a return on equity of 50.56% and a net margin of 34.04%. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The company’s revenue was down 2.8% compared to the same quarter last year.

APA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Monday, April 22nd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Friday, April 19th. APA’s dividend payout ratio (DPR) is presently 11.19%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on APA. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of APA in a research report on Monday, April 8th. The Goldman Sachs Group cut their target price on shares of APA from $35.00 to $31.00 and set a “sell” rating for the company in a research note on Tuesday, March 26th. Morgan Stanley reaffirmed an “underweight” rating and issued a $28.00 price target on shares of APA in a research note on Monday, April 15th. 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 on the stock. Finally, JPMorgan Chase & Co. increased their target price on APA from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, APA has a consensus rating of “Hold” and a consensus price target of $42.05.

Institutional Investors Weigh In On APA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lido Advisors LLC increased its position in shares of APA by 1.2% during the third quarter. Lido Advisors LLC now owns 21,901 shares of the company’s stock valued at $900,000 after acquiring an additional 266 shares during the last quarter. DNB Asset Management AS raised its position in APA by 0.6% in the fourth quarter. DNB Asset Management AS now owns 49,846 shares of the company’s stock valued at $1,788,000 after purchasing an additional 308 shares during the period. HB Wealth Management LLC lifted its stake in APA by 5.0% during the fourth quarter. HB Wealth Management LLC now owns 6,528 shares of the company’s stock worth $234,000 after purchasing an additional 309 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of APA by 1.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,029 shares of the company’s stock worth $898,000 after buying an additional 358 shares during the period. Finally, Quent Capital LLC grew its stake in shares of APA by 64.0% in the fourth quarter. Quent Capital LLC now owns 961 shares of the company’s stock valued at $34,000 after buying an additional 375 shares in the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.

APA Price Performance

The company has a fifty day moving average of $32.54 and a 200-day moving average of $34.22. The stock has a market cap of $8.81 billion, a PE ratio of 3.26 and a beta of 3.29. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.41.

About APA

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.