Royal Bank of Canada Reiterates “Sector Perform” Rating for APA (NASDAQ:APA)

APA (NASDAQ:APA)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank of Canada in a report released on Tuesday, Benzinga reports. They currently have a $41.00 target price on the stock. Royal Bank of Canada’s price objective points to a potential upside of 63.28% from the company’s previous close.

A number of other equities research analysts have also weighed in on APA. Evercore ISI restated an “in-line” rating and issued a $39.00 price objective on shares of APA in a report on Thursday, September 12th. Wells Fargo & Company lowered their price target on shares of APA from $50.00 to $49.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Barclays reaffirmed an “equal weight” rating and set a $35.00 price objective on shares of APA in a research note on Wednesday, September 11th. UBS Group lowered their target price on APA from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Finally, Truist Financial raised their price target on APA from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.38.

APA Trading Down 0.6 %

NASDAQ APA opened at $25.11 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock’s 50-day simple moving average is $28.55 and its two-hundred day simple moving average is $30.19. APA has a twelve month low of $22.72 and a twelve month high of $43.58. The company has a market capitalization of $9.32 billion, a price-to-earnings ratio of 2.81 and a beta of 3.24.

APA (NASDAQ:APA) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.22. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.28 billion. APA had a return on equity of 35.95% and a net margin of 32.66%. APA’s revenue for the quarter was up 41.6% compared to the same quarter last year. During the same period last year, the firm posted $0.85 EPS. Research analysts forecast that APA will post 4.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of APA by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 44,648,084 shares of the company’s stock worth $1,535,001,000 after acquiring an additional 2,004,555 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of APA by 10.6% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 20,299,538 shares of the company’s stock valued at $728,347,000 after purchasing an additional 1,938,335 shares in the last quarter. Harris Associates L P lifted its holdings in shares of APA by 17.8% during the fourth quarter. Harris Associates L P now owns 15,705,693 shares of the company’s stock valued at $563,520,000 after purchasing an additional 2,367,570 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of APA by 131.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,813,655 shares of the company’s stock worth $141,704,000 after buying an additional 2,736,041 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in APA by 15.7% during the second quarter. Bank of New York Mellon Corp now owns 3,358,192 shares of the company’s stock valued at $98,865,000 after buying an additional 455,312 shares during the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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.