Bank of Nova Scotia decreased its position in shares of APA Co. (NASDAQ:APA – Get Rating) by 97.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,011 shares of the company’s stock after selling 375,872 shares during the quarter. Bank of Nova Scotia’s holdings in APA were worth $279,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Truist Financial Corp lifted its holdings in APA by 104.8% in the first quarter. Truist Financial Corp now owns 17,658 shares of the company’s stock valued at $729,000 after acquiring an additional 9,035 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of APA by 84.9% in the first quarter. DekaBank Deutsche Girozentrale now owns 2,324 shares of the company’s stock valued at $97,000 after buying an additional 1,067 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of APA by 19.7% in the first quarter. Daiwa Securities Group Inc. now owns 4,040 shares of the company’s stock valued at $167,000 after buying an additional 665 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of APA by 1.0% in the first quarter. Mutual of America Capital Management LLC now owns 48,481 shares of the company’s stock valued at $2,004,000 after buying an additional 497 shares in the last quarter. Finally, National Asset Management Inc. purchased a new stake in shares of APA in the first quarter valued at approximately $209,000. Institutional investors and hedge funds own 83.36% of the company’s stock.
Wall Street Analyst Weigh In
APA has been the subject of several research reports. Royal Bank of Canada boosted their price target on APA from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research report on Monday, November 14th. Truist Financial boosted their price objective on APA from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, October 11th. Raymond James lowered their price objective on APA from $75.00 to $70.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 5th. Susquehanna Bancshares lowered their price objective on APA from $52.00 to $49.00 and set a “positive” rating on the stock in a research note on Friday, August 5th. Finally, Susquehanna lowered their price objective on APA from $52.00 to $49.00 and set a “positive” rating on the stock in a research note on Friday, August 5th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.39.
APA Price Performance
APA (NASDAQ:APA – Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.05. APA had a return on equity of 325.67% and a net margin of 33.83%. The business had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the business posted $0.98 EPS. The business’s revenue for the quarter was up 40.2% on a year-over-year basis. Analysts forecast that APA Co. will post 8.2 EPS for the current fiscal year.
APA declared that its board has approved a share repurchase plan on Wednesday, September 14th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.
APA Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Friday, October 21st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, October 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.16%. This is an increase from APA’s previous quarterly dividend of $0.13. APA’s dividend payout ratio is presently 9.55%.
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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