50,218 Shares in APA Co. (NASDAQ:APA) Bought by DnB Asset Management AS

DnB Asset Management AS acquired a new position in shares of APA Co. (NASDAQ:APAGet Rating) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 50,218 shares of the company’s stock, valued at approximately $1,753,000.

A number of other large investors also recently modified their holdings of the business. Albert D Mason Inc. boosted its stake in shares of APA by 2.5% during the 1st quarter. Albert D Mason Inc. now owns 10,978 shares of the company’s stock worth $454,000 after buying an additional 270 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of APA by 10.5% during the 1st quarter. Van ECK Associates Corp now owns 3,560 shares of the company’s stock worth $147,000 after buying an additional 338 shares during the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of APA by 4.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 9,665 shares of the company’s stock worth $399,000 after buying an additional 368 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of APA by 28.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,819 shares of the company’s stock worth $75,000 after buying an additional 399 shares during the last quarter. Finally, Xponance Inc. boosted its stake in shares of APA by 1.8% during the 1st quarter. Xponance Inc. now owns 23,177 shares of the company’s stock worth $958,000 after buying an additional 416 shares during the last quarter. 83.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on APA. MKM Partners increased their price objective on shares of APA from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. StockNews.com cut shares of APA from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 13th. Piper Sandler dropped their target price on shares of APA from $54.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, July 22nd. Mizuho dropped their target price on shares of APA from $56.00 to $54.00 and set a “buy” rating on the stock in a report on Thursday, August 18th. Finally, Susquehanna Bancshares dropped their target price on shares of APA from $52.00 to $49.00 and set a “positive” rating on the stock in a report on Friday, August 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.94.

APA Stock Down 3.0 %

APA stock opened at $38.43 on Thursday. The stock has a market cap of $12.55 billion, a P/E ratio of 4.32, a P/E/G ratio of 0.14 and a beta of 3.81. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 3.43. APA Co. has a twelve month low of $19.16 and a twelve month high of $51.95. The company’s 50-day moving average price is $36.46 and its two-hundred day moving average price is $38.35.

APA (NASDAQ:APAGet Rating) last announced its earnings results on Wednesday, August 3rd. The company reported $2.37 EPS for the quarter, hitting the consensus estimate of $2.37. APA had a net margin of 32.57% and a return on equity of 622.55%. The company had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $2.77 billion. As a group, analysts expect that APA Co. will post 9.81 EPS for the current year.

APA declared that its Board of Directors has approved a stock buyback program on Wednesday, September 14th that allows the company to buyback 40,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

APA Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Friday, October 21st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, October 20th. This is a boost from APA’s previous quarterly dividend of $0.13. This represents a $1.00 annualized dividend and a dividend yield of 2.60%. APA’s dividend payout ratio (DPR) is currently 5.62%.

APA Profile

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APA Corporation, through its subsidiaries, explores for, develops, and produces oil and gas properties. It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities offshore Suriname. The company also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.

Further Reading

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Institutional Ownership by Quarter for APA (NASDAQ:APA)

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