What is Scotiabank’s Forecast for APA FY2024 Earnings?

APA Co. (NASDAQ:APA) – Equities research analysts at Scotiabank lifted their FY2024 earnings per share (EPS) estimates for shares of APA in a report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the company will post earnings per share of $4.10 for the year, up from their prior forecast of $3.90. Scotiabank currently has a “Sector Perform” rating and a $27.00 target price on the stock. The consensus estimate for APA’s current full-year earnings is $4.01 per share.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. decreased their price target on APA from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, November 13th. Wells Fargo & Company lowered APA from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $42.00 to $25.00 in a report on Tuesday, December 17th. UBS Group cut their price objective on APA from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Barclays cut their price target on APA from $30.00 to $27.00 and set an “equal weight” rating for the company in a report on Friday, November 8th. Finally, Truist Financial cut their price target on APA from $36.00 to $33.00 and set a “buy” rating for the company in a report on Friday, November 8th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $30.55.

APA Price Performance

Shares of NASDAQ:APA opened at $23.68 on Friday. The stock has a fifty day simple moving average of $22.45 and a two-hundred day simple moving average of $25.67. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 3.34 and a beta of 3.16. APA has a 12-month low of $20.32 and a 12-month high of $36.04. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03.

Hedge Funds Weigh In On APA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its position in APA by 2.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 32,387 shares of the company’s stock worth $748,000 after purchasing an additional 922 shares during the period. Sterneck Capital Management LLC grew its position in shares of APA by 18.1% during the 4th quarter. Sterneck Capital Management LLC now owns 11,250 shares of the company’s stock valued at $260,000 after acquiring an additional 1,725 shares during the period. Nordea Investment Management AB grew its position in shares of APA by 44.4% during the 4th quarter. Nordea Investment Management AB now owns 54,091 shares of the company’s stock valued at $1,257,000 after acquiring an additional 16,631 shares during the period. GAMMA Investing LLC grew its position in shares of APA by 55.1% during the 4th quarter. GAMMA Investing LLC now owns 7,881 shares of the company’s stock valued at $182,000 after acquiring an additional 2,800 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of APA by 3.1% during the 3rd quarter. Principal Financial Group Inc. now owns 456,922 shares of the company’s stock valued at $11,176,000 after acquiring an additional 13,557 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.

Insider Buying and Selling at APA

In other news, Director Juliet S. Ellis bought 4,391 shares of APA stock in a transaction that occurred on Thursday, December 12th. The stock was bought at an average price of $22.78 per share, for a total transaction of $100,026.98. Following the purchase, the director now directly owns 12,436 shares of the company’s stock, valued at approximately $283,292.08. The trade was a 54.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

APA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Wednesday, January 22nd will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, January 22nd. This represents a $1.00 annualized dividend and a yield of 4.22%. APA’s dividend payout ratio (DPR) is presently 14.12%.

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.