Equities Analysts Offer Predictions for APA Co.’s Q3 2024 Earnings (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Research analysts at Capital One Financial lowered their Q3 2024 EPS estimates for shares of APA in a report released on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the company will post earnings of $0.70 per share for the quarter, down from their prior forecast of $1.13. The consensus estimate for APA’s current full-year earnings is $4.34 per share. Capital One Financial also issued estimates for APA’s Q4 2024 earnings at $0.53 EPS, FY2024 earnings at $3.18 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.26 EPS, Q4 2025 earnings at $0.28 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.75 EPS.

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

A number of other brokerages also recently weighed in on APA. Bank of America reissued an “underperform” rating and issued a $31.00 price target on shares of APA in a report on Friday, June 14th. Citigroup cut their price target on shares of APA from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. UBS Group cut their price target on shares of APA from $35.00 to $29.00 and set a “neutral” rating on the stock in a report on Wednesday. Barclays reissued an “equal weight” rating and issued a $35.00 price target on shares of APA in a report on Wednesday, September 11th. Finally, Sanford C. Bernstein cut 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. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $36.38.

APA Price Performance

APA opened at $25.07 on Friday. The firm’s fifty day moving average price is $28.39 and its two-hundred day moving average price is $30.13. 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 company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 2.80 and a beta of 3.24. APA has a 1 year low of $22.72 and a 1 year high of $43.58.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in shares of APA in the second quarter worth approximately $308,000. Teachers Retirement System of The State of Kentucky increased its position in shares of APA by 12.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 908,906 shares of the company’s stock worth $26,758,000 after purchasing an additional 100,160 shares during the last quarter. Cetera Investment Advisers increased its position in shares of APA by 160.1% in the second quarter. Cetera Investment Advisers now owns 75,593 shares of the company’s stock worth $2,225,000 after purchasing an additional 46,535 shares during the last quarter. IMS Capital Management bought a new position in APA during the second quarter valued at approximately $318,000. Finally, Truist Financial Corp grew its position in APA by 44.0% during the second quarter. Truist Financial Corp now owns 38,710 shares of the company’s stock valued at $1,140,000 after acquiring an additional 11,827 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors.

APA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Tuesday, October 22nd. APA’s dividend payout ratio is presently 11.19%.

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.