APA Co. (NASDAQ:APA) Sees Large Increase in Short Interest

APA Co. (NASDAQ:APA) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 16,920,000 shares, an increase of 26.0% from the August 31st total of 13,430,000 shares. Currently, 4.7% of the shares of the company are sold short. Based on an average trading volume of 5,590,000 shares, the days-to-cover ratio is presently 3.0 days.

APA Trading Up 4.5 %

Shares of APA stock traded up $1.05 during mid-day trading on Friday, reaching $24.20. 3,960,574 shares of the stock traded hands, compared to its average volume of 6,223,098. The stock’s fifty day simple moving average is $27.71 and its two-hundred day simple moving average is $29.93. APA has a 1-year low of $22.72 and a 1-year high of $43.58. 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 company has a market cap of $8.98 billion, a price-to-earnings ratio of 2.59 and a beta of 3.24.

APA (NASDAQ:APA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.22. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.28 billion. APA had a net margin of 32.66% and a return on equity of 35.95%. The company’s revenue was up 41.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. On average, research analysts anticipate that APA will post 4.04 EPS for the current fiscal year.

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend is Tuesday, October 22nd. APA’s payout ratio is presently 11.19%.

Institutional Investors Weigh In On APA

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC bought a new stake in APA in the second quarter valued at approximately $308,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of APA by 12.4% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 908,906 shares of the company’s stock valued at $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% during the second quarter. Cetera Investment Advisers now owns 75,593 shares of the company’s stock worth $2,225,000 after buying an additional 46,535 shares during the period. IMS Capital Management bought a new position in APA during the second quarter worth $318,000. Finally, Truist Financial Corp lifted its holdings in APA by 44.0% in the second quarter. Truist Financial Corp now owns 38,710 shares of the company’s stock valued at $1,140,000 after buying an additional 11,827 shares during the period. Institutional investors own 83.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Scotiabank cut their price objective on shares of APA from $37.00 to $30.00 and set a “sector perform” rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. reduced their price target on APA from $36.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada reiterated a “sector perform” rating and set a $41.00 target price on shares of APA in a research report on Tuesday, September 17th. 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. Finally, Barclays reiterated an “equal weight” rating and set a $35.00 price objective on shares of APA in a research note on Wednesday, September 11th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, APA currently has an average rating of “Hold” and a consensus target price of $36.38.

APA Company Profile

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.