Pacific Heights Asset Management LLC Takes Position in APA Corporation $APA

Pacific Heights Asset Management LLC purchased a new stake in shares of APA Corporation (NASDAQ:APA) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 600,000 shares of the company’s stock, valued at approximately $19,542,000. Pacific Heights Asset Management LLC owned approximately 0.17% of APA at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of APA in the second quarter worth $1,173,231,000. Arrowstreet Capital Limited Partnership boosted its stake in 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 during the period. Bank of New York Mellon Corp purchased a new position in APA during the 2nd quarter valued at about $134,558,000. Goldman Sachs Group Inc. grew its holdings in APA by 76.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company’s stock valued at $175,426,000 after buying an additional 3,117,032 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of APA by 157.1% during the second quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company’s stock valued at $55,970,000 after buying an additional 1,869,891 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

APA has been the subject of several recent analyst reports. Mizuho raised shares of APA to a “strong sell” rating in a research note on Friday, July 31st. Wells Fargo & Company raised their price target on shares of APA from $39.00 to $49.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of APA from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Roth Capital set a $39.00 price objective on APA in a research note on Thursday, August 6th. Finally, Barclays reduced their target price 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. Ten research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, APA currently has a consensus rating of “Hold” and a consensus target price of $41.50.

APA Stock Up 2.9%

Shares of APA opened at $42.38 on Friday. APA Corporation has a 1 year low of $21.57 and a 1 year high of $45.66. 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 has a 50 day simple moving average of $36.61 and a two-hundred day simple moving average of $36.28. The firm has a market cap of $14.85 billion, a P/E ratio of 8.96, a P/E/G ratio of 0.74 and a beta of 0.35.

APA (NASDAQ:APA) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.01). APA had a return on equity of 24.84% and a net margin of 19.48%.The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the previous year, the firm posted $0.87 earnings per share. On average, analysts forecast that APA Corporation will post 5.54 earnings per share for the current fiscal year.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.