APA (NASDAQ:APA) Sets New 52-Week High After Analyst Upgrade

APA Co. (NASDAQ:APA)’s share price hit a new 52-week high during trading on Thursday after KeyCorp raised their price target on the stock from $25.00 to $27.00. KeyCorp currently has an overweight rating on the stock. APA traded as high as $25.43 and last traded at $25.18, with a volume of 42807 shares. The stock had previously closed at $24.61.

A number of other equities analysts have also recently commented on the company. Sanford C. Bernstein upgraded APA from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $23.00 to $35.00 in a report on Monday, June 21st. Zacks Investment Research cut APA from a “buy” rating to a “hold” rating and set a $20.00 price objective for the company. in a report on Tuesday, August 31st. Truist boosted their price objective on APA from $21.00 to $25.00 and gave the company a “hold” rating in a report on Thursday, October 7th. Morgan Stanley boosted their price objective on APA from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, October 6th. Finally, Truist Securities boosted their price objective on APA from $21.00 to $25.00 and gave the company a “hold” rating in a report on Thursday, October 7th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.25.

In other news, Director Chansoo Joung sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of $19.06, for a total value of $381,200.00. Following the sale, the director now owns 25,285 shares in the company, valued at $481,932.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new stake in shares of APA during the second quarter worth approximately $26,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of APA in the second quarter worth about $36,000. Pinnacle Bancorp Inc. acquired a new position in APA during the third quarter worth about $39,000. Prestige Wealth Management Group LLC grew its stake in APA by 3,220.8% during the 1st quarter. Prestige Wealth Management Group LLC now owns 2,557 shares of the company’s stock valued at $45,000 after acquiring an additional 2,480 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in APA by 64.1% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,218 shares of the company’s stock valued at $47,000 after acquiring an additional 866 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.

The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 110.79. The firm has a market capitalization of $9.50 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 0.50 and a beta of 4.94. The business has a 50-day moving average price of $19.86 and a 200-day moving average price of $20.01.

APA (NASDAQ:APA) last released its quarterly earnings data on Tuesday, August 3rd. The company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.13. APA had a negative return on equity of 145.33% and a net margin of 11.43%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.50 billion. During the same quarter in the previous year, the company posted ($0.74) earnings per share. The firm’s revenue for the quarter was up 137.0% compared to the same quarter last year. On average, equities research analysts anticipate that APA Co. will post 3.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 22nd. Investors of record on Friday, October 22nd will be given a $0.063 dividend. This represents a $0.25 annualized dividend and a yield of 1.00%. This is a positive change from APA’s previous quarterly dividend of $0.03. The ex-dividend date is Thursday, October 21st. APA’s dividend payout ratio is presently -9.26%.

About APA (NASDAQ:APA)

APA Corp. explores for oil and natural gas through its subsidiaries. It produces oil and gas with operations in the the United States, Egypt and the United Kingdom and exploration activities offshore Suriname. The company was founded in 1954 and is headquartered in Houston, TX.

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