Exane Derivatives reduced its stake in APA Co. (NASDAQ:APA – Get Rating) by 28.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,743 shares of the company’s stock after selling 710 shares during the period. Exane Derivatives’ holdings in APA were worth $61,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Covestor Ltd boosted its position in shares of APA by 117.8% during the first quarter. Covestor Ltd now owns 808 shares of the company’s stock worth $33,000 after buying an additional 437 shares during the period. Tobam acquired a new position in shares of APA during the first quarter worth approximately $74,000. Geneos Wealth Management Inc. boosted its position in shares of APA by 28.1% during the first 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 period. Byrne Asset Management LLC acquired a new position in shares of APA during the fourth quarter worth approximately $77,000. Finally, NuWave Investment Management LLC acquired a new position in shares of APA during the first quarter worth approximately $78,000. 83.36% of the stock is currently owned by institutional investors and hedge funds.
APA Price Performance
NASDAQ APA opened at $38.43 on Thursday. The stock has a market capitalization 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. APA Co. has a 1 year low of $19.16 and a 1 year high of $51.95. The business’s fifty day moving average is $36.46 and its two-hundred day moving average is $38.35. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.10 and a current ratio of 1.10.
APA announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 14th that permits the company to buyback 40,000,000 outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
APA Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be paid a dividend of $0.25 per share. This is an increase from APA’s previous quarterly dividend of $0.13. This represents a $1.00 annualized dividend and a yield of 2.60%. The ex-dividend date is Thursday, October 20th. APA’s payout ratio is 5.62%.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on APA shares. Piper Sandler reduced their price objective on APA from $54.00 to $47.00 and set a “neutral” rating for the company in a research report on Friday, July 22nd. MKM Partners upped their target price on APA from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Mizuho cut their target price on APA from $56.00 to $54.00 and set a “buy” rating for the company in a research report on Thursday, August 18th. Citigroup upgraded APA from a “neutral” rating to a “buy” rating and upped their target price for the stock from $40.00 to $58.00 in a research report on Monday, September 12th. Finally, Truist Financial upped their target price on APA from $66.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday. Two 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.94.
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.
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