APA (NASDAQ:APA) Downgraded to “Outperform” Rating by Raymond James

APA (NASDAQ:APA) was downgraded by investment analysts at Raymond James from a “strong-buy” rating to an “outperform” rating in a research report issued on Monday, Marketbeat reports. They presently have a $32.00 price objective on the stock, down from their prior price objective of $45.00. Raymond James’ target price indicates a potential upside of 66.67% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Citigroup cut their price target on APA from $29.00 to $24.00 and set a “neutral” rating on the stock in a report on Tuesday, November 26th. JPMorgan Chase & Co. cut their price target on APA from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Piper Sandler cut their price target on APA from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, December 17th. Susquehanna cut their price target on APA from $33.00 to $31.00 and set a “positive” rating on the stock in a report on Monday, March 3rd. Finally, UBS Group cut their price target on APA from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.15.

APA Trading Up 0.9 %

NASDAQ:APA opened at $19.20 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. The business’s 50 day moving average is $22.52 and its two-hundred day moving average is $23.49. APA has a 52 week low of $17.66 and a 52 week high of $36.05. The company has a market cap of $6.99 billion, a PE ratio of 2.71 and a beta of 3.26.

APA (NASDAQ:APA) last released its earnings results on Wednesday, February 26th. The company reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). APA had a return on equity of 27.86% and a net margin of 24.36%. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.31 billion. On average, analysts predict that APA will post 4.03 EPS for the current year.

Insider Activity

In related news, Director Juliet S. Ellis bought 4,391 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were acquired at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the acquisition, the director now directly owns 12,436 shares of the company’s stock, valued at $283,292.08. The trade was a 54.58 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On APA

A number of hedge funds have recently modified their holdings of APA. Brown Brothers Harriman & Co. grew its holdings in shares of APA by 1,087.9% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company’s stock worth $27,000 after acquiring an additional 1,077 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of APA by 84.1% during the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock valued at $29,000 after buying an additional 540 shares in the last quarter. Riverview Trust Co grew its holdings in shares of APA by 5,718.2% during the fourth quarter. Riverview Trust Co now owns 1,280 shares of the company’s stock valued at $30,000 after buying an additional 1,258 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of APA by 77.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company’s stock valued at $31,000 after buying an additional 586 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. purchased a new position in shares of APA during the fourth quarter valued at $35,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

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.