APA (NASDAQ:APA) Cut to “Equal Weight” at Wells Fargo & Company

APA (NASDAQ:APA) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have a $25.00 price target on the stock, down from their previous price target of $42.00. Wells Fargo & Company‘s target price suggests a potential upside of 19.96% from the company’s current price.

APA has been the topic of several other research reports. Piper Sandler cut their price target on APA from $28.00 to $26.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th. Scotiabank reduced their target price on shares of APA from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Truist Financial lowered their target price on shares of APA from $36.00 to $33.00 and set a “buy” rating for the company in a report on Friday, November 8th. The Goldman Sachs Group cut their price target on APA from $26.00 to $25.00 in a research note on Friday, October 18th. Finally, Evercore ISI decreased their price objective on APA from $39.00 to $33.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.14.

APA Price Performance

APA opened at $20.84 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $7.71 billion, a P/E ratio of 2.94 and a beta of 3.18. The company’s 50 day simple moving average is $23.19 and its 200-day simple moving average is $26.40. APA has a one year low of $20.45 and a one year high of $37.82.

Insider Transactions at APA

In related news, Director Juliet S. Ellis acquired 4,391 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were purchased at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the completion of the acquisition, the director now directly owns 12,436 shares in the company, valued at approximately $283,292.08. This trade represents a 54.58 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of APA. Synovus Financial Corp raised its stake in APA by 144.3% in the 3rd quarter. Synovus Financial Corp now owns 30,925 shares of the company’s stock worth $756,000 after purchasing an additional 18,268 shares in the last quarter. Tidal Investments LLC raised its holdings in APA by 154.2% in the 3rd quarter. Tidal Investments LLC now owns 62,400 shares of the company’s stock valued at $1,526,000 after acquiring an additional 37,855 shares in the last quarter. PVG Asset Management Corp acquired a new stake in shares of APA during the 3rd quarter worth $757,000. Sanctuary Advisors LLC increased its holdings in APA by 23.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 11,678 shares of the company’s stock valued at $266,000 after buying an additional 2,185 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in APA by 84.1% during the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock worth $29,000 after purchasing an additional 540 shares during the last quarter. Institutional investors and hedge funds 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.