APA (NASDAQ:APA) Given Sector Perform Rating at Royal Bank of Canada

APA (NASDAQ:APA)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $41.00 price target on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 58.24% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company cut their price objective on shares of APA from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Evercore ISI lowered shares of APA from an “outperform” rating to an “inline” rating and dropped their price target for the company from $52.00 to $39.00 in a research report on Friday, June 14th. StockNews.com lowered shares of APA from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Truist Financial raised their price target on shares of APA from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Finally, Sanford C. Bernstein dropped their price target on shares of APA from $37.00 to $30.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Four analysts have rated the stock with a sell rating, ten have given 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.com, the stock has a consensus rating of “Hold” and an average target price of $37.81.

APA Stock Performance

Shares of NASDAQ APA traded up $0.02 during midday trading on Thursday, reaching $25.91. The company had a trading volume of 1,918,097 shares, compared to its average volume of 6,134,076. The stock has a market cap of $9.62 billion, a P/E ratio of 2.90 and a beta of 3.26. APA has a 1 year low of $25.75 and a 1 year high of $45.38. The business’s 50-day simple moving average is $29.39 and its 200 day simple moving average is $30.57. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

APA (NASDAQ:APA) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.17 earnings per share 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 analyst estimates of $2.28 billion. APA had a net margin of 32.66% and a return on equity of 35.95%. The business’s quarterly revenue was up 41.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 earnings per share. On average, analysts forecast that APA will post 4.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On APA

Several hedge funds and other institutional investors have recently modified their holdings of APA. Dimensional Fund Advisors LP lifted its stake in shares of APA by 131.7% in the second quarter. Dimensional Fund Advisors LP now owns 4,813,655 shares of the company’s stock worth $141,704,000 after buying an additional 2,736,041 shares in the last quarter. Harris Associates L P raised its stake in APA by 17.8% during the fourth quarter. Harris Associates L P now owns 15,705,693 shares of the company’s stock worth $563,520,000 after purchasing an additional 2,367,570 shares during the period. Vanguard Group Inc. raised its stake in APA by 4.7% during the first quarter. Vanguard Group Inc. now owns 44,648,084 shares of the company’s stock worth $1,535,001,000 after purchasing an additional 2,004,555 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in APA by 10.6% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 20,299,538 shares of the company’s stock worth $728,347,000 after purchasing an additional 1,938,335 shares during the period. Finally, Webs Creek Capital Management LP purchased a new position in APA during the first quarter worth about $28,593,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

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.