OLD National Bancorp IN Reduces Stake in APA Co. (NASDAQ:APA)

OLD National Bancorp IN cut its stake in APA Co. (NASDAQ:APA) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,063 shares of the company’s stock after selling 400 shares during the quarter. OLD National Bancorp IN’s holdings in APA were worth $218,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased 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 acquiring an additional 358 shares during the last quarter. Signaturefd LLC increased its position in shares of APA by 43.0% during the fourth quarter. Signaturefd LLC now owns 5,434 shares of the company’s stock worth $195,000 after acquiring an additional 1,633 shares during the last quarter. abrdn plc increased its position in shares of APA by 72.4% during the fourth quarter. abrdn plc now owns 129,713 shares of the company’s stock worth $4,654,000 after acquiring an additional 54,456 shares during the last quarter. Institute for Wealth Management LLC. increased its position in shares of APA by 8.3% during the fourth quarter. Institute for Wealth Management LLC. now owns 9,215 shares of the company’s stock worth $331,000 after acquiring an additional 709 shares during the last quarter. Finally, Xponance Inc. increased its position in shares of APA by 22.5% during the fourth quarter. Xponance Inc. now owns 134,504 shares of the company’s stock worth $4,826,000 after acquiring an additional 24,707 shares during the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on APA. Morgan Stanley reaffirmed an “underweight” rating and set a $28.00 target price on shares of APA in a research report on Monday, April 15th. Piper Sandler boosted their price objective on APA from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, April 19th. Barclays assumed coverage on APA in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $40.00 price objective for the company. Scotiabank reissued a “sector perform” rating and issued a $37.00 price objective (down from $43.00) on shares of APA in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. boosted their price objective on APA from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $42.25.

APA Stock Performance

Shares of APA stock opened at $32.49 on Friday. APA Co. has a 12-month low of $29.47 and a 12-month high of $46.15. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 3.50 and a beta of 3.27. The business has a 50 day simple moving average of $32.55 and a 200 day simple moving average of $34.46. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.02 and a quick ratio of 1.02.

APA (NASDAQ:APA) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.18). APA had a return on equity of 62.64% and a net margin of 34.95%. The business had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the company earned $1.48 earnings per share. The business’s quarterly revenue was down 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that APA Co. will post 5.03 EPS for the current year.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Monday, April 22nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, April 19th. APA’s dividend payout ratio (DPR) is 10.78%.

APA Company Profile

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.