APA (NASDAQ:APA) Stock Bumped Up to “Hold” by Scotiabank

Scotiabank upgraded shares of APA (NASDAQ:APA) to a hold rating in a research note published on Wednesday morning,Zacks reports.

Other analysts have also recently issued research reports about the stock. Mizuho boosted their price target on shares of APA from $36.00 to $44.00 and gave the stock an “underperform” rating in a research note on Thursday. Barclays cut their price objective on APA from $41.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Wells Fargo & Company lifted their target price on APA from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday. Morgan Stanley boosted their target price on APA from $41.00 to $43.00 and gave the stock an “underweight” rating in a research report on Thursday. Finally, Roth Capital set a $39.00 target price on APA in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, fifteen have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, APA presently has an average rating of “Hold” and a consensus price target of $44.38.

APA Price Performance

Shares of APA stock traded up $1.92 during mid-day trading on Wednesday, hitting $49.15. The company had a trading volume of 6,325,180 shares, compared to its average volume of 5,669,751. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s 50 day moving average price is $43.72 and its 200-day moving average price is $39.24. APA has a 52-week low of $21.63 and a 52-week high of $49.26. The company has a market capitalization of $17.22 billion, a P/E ratio of 10.39, a P/E/G ratio of 0.79 and a beta of 0.42.

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

APA Dividend Announcement

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

APA announced that its Board of Directors has authorized a stock repurchase program on Wednesday, September 16th that allows the company to buy back 40,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On APA

Several institutional investors have recently bought and sold shares of APA. Hollencrest Capital Management boosted its position in shares of APA by 520.8% during the first quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock valued at $25,000 after buying an additional 500 shares during the period. Cedar Mountain Advisors LLC bought a new position in shares of APA during the first quarter valued at approximately $28,000. Compass Financial Management LLC purchased a new stake in shares of APA in the second quarter worth approximately $33,000. MidFirst Bank purchased a new stake in shares of APA in the second quarter worth approximately $33,000. Finally, Global Assets Advisory LLC bought a new stake in shares of APA during the 1st quarter worth approximately $44,000. Institutional investors own 83.01% of the company’s stock.

About APA

APA Corporation (NASDAQ:APA) 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 prospective resources, drilling and completing wells, and managing producing assets across multiple international markets.

APA’s operations have historically been concentrated in the Permian Basin of the United States and in Egypt’s Western Desert, where it participates in exploration and production activities through joint ventures.