APA (NASDAQ:APA) Sets New 52-Week Low Following Weak Earnings

APA Co. (NASDAQ:APA)’s share price hit a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $22.35 and last traded at $22.88, with a volume of 6076760 shares changing hands. The stock had previously closed at $24.73.

The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.03). APA had a net margin of 32.66% and a return on equity of 35.95%. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.27 billion.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, October 22nd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date of this dividend is Tuesday, October 22nd. APA’s dividend payout ratio is currently 10.91%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Citigroup reduced their price objective on shares of APA from $32.00 to $29.00 in a report on Friday, October 18th. 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. Royal Bank of Canada restated a “sector perform” rating and set a $41.00 price target on shares of APA in a report on Tuesday, September 17th. 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, September 18th. Finally, Barclays cut their price target on shares of APA from $35.00 to $30.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, APA presently has a consensus rating of “Hold” and an average price target of $34.18.

Hedge Funds Weigh In On APA

Several hedge funds have recently bought and sold shares of APA. Covestor Ltd grew its stake in APA by 75.4% in the 1st quarter. Covestor Ltd now owns 1,093 shares of the company’s stock worth $38,000 after buying an additional 470 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of APA by 386.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,358 shares of the company’s stock valued at $40,000 after purchasing an additional 1,079 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of APA in the 2nd quarter valued at $42,000. Huntington National Bank boosted its stake in shares of APA by 48.8% in the 3rd quarter. Huntington National Bank now owns 1,710 shares of the company’s stock valued at $42,000 after purchasing an additional 561 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC boosted its stake in shares of APA by 1,325.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 1,710 shares of the company’s stock valued at $50,000 after purchasing an additional 1,590 shares in the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Stock Down 8.5 %

The stock’s 50 day moving average price is $25.22 and its 200-day moving average price is $28.16. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $8.37 billion, a PE ratio of 2.50 and a beta of 3.24.

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.