Q3 2024 Earnings Estimate for APA Co. Issued By Zacks Research (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Equities research analysts at Zacks Research lowered their Q3 2024 earnings estimates for shares of APA in a report released on Monday, September 9th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings of $0.77 per share for the quarter, down from their prior estimate of $1.01. The consensus estimate for APA’s current full-year earnings is $4.36 per share. Zacks Research also issued estimates for APA’s Q4 2024 earnings at $1.25 EPS, FY2024 earnings at $3.97 EPS, Q4 2025 earnings at $1.38 EPS and FY2025 earnings at $4.82 EPS.

APA (NASDAQ:APA) last released its earnings results on Wednesday, July 31st. The company reported $1.17 EPS for the quarter, topping the consensus estimate of $0.95 by $0.22. APA had a return on equity of 35.95% and a net margin of 32.66%. The business had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the company posted $0.85 earnings per share. The company’s revenue for the quarter was up 41.6% compared to the same quarter last year.

Several other research analysts have also recently weighed in on the company. Truist Financial boosted their price target on APA from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Sanford C. Bernstein dropped their price target on shares of APA from $37.00 to $30.00 and set a “market perform” rating on the stock in a report on Wednesday, July 17th. Wolfe Research started coverage on shares of APA in a report on Thursday, July 18th. They issued an “outperform” rating and a $42.00 target price on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $41.00 price target on shares of APA in a report on Thursday, September 5th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $35.00 price objective on shares of APA in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.00.

APA Stock Performance

Shares of APA stock opened at $23.70 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of 2.65 and a beta of 3.24. APA has a 1 year low of $22.72 and a 1 year high of $44.37. The firm’s 50-day moving average is $28.81 and its 200 day moving average is $30.31.

Institutional Investors Weigh In On APA

A number of institutional investors and hedge funds have recently bought and sold shares of the business. American National Bank raised its position in shares of APA by 208.5% during the first quarter. American National Bank now owns 725 shares of the company’s stock valued at $25,000 after buying an additional 490 shares during the last quarter. Covestor Ltd increased its holdings in APA by 75.4% in the 1st quarter. Covestor Ltd now owns 1,093 shares of the company’s stock valued at $38,000 after acquiring an additional 470 shares during the last quarter. Principal Securities Inc. bought a new stake in APA in the 4th quarter valued at $39,000. Whittier Trust Co. of Nevada Inc. lifted its stake in APA by 386.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,358 shares of the company’s stock worth $40,000 after purchasing an additional 1,079 shares in the last quarter. Finally, Rothschild Investment LLC purchased a new position in shares of APA during the second quarter valued at about $42,000. 83.01% of the stock is owned by institutional investors.

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.