Mackenzie Financial Corp Purchases 6,811 Shares of APA Co. (NASDAQ:APA)

Mackenzie Financial Corp increased its position in APA Co. (NASDAQ:APAGet Rating) by 11.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 67,209 shares of the company’s stock after purchasing an additional 6,811 shares during the quarter. Mackenzie Financial Corp’s holdings in APA were worth $2,346,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of APA. Van ECK Associates Corp raised its holdings in APA by 10.5% in the 1st quarter. Van ECK Associates Corp now owns 3,560 shares of the company’s stock valued at $147,000 after acquiring an additional 338 shares during the period. Wetherby Asset Management Inc. raised its holdings in APA by 4.0% in the 1st quarter. Wetherby Asset Management Inc. now owns 9,665 shares of the company’s stock valued at $399,000 after acquiring an additional 368 shares during the period. Geneos Wealth Management Inc. raised its holdings in APA by 28.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,819 shares of the company’s stock valued at $75,000 after acquiring an additional 399 shares during the period. Clifford Swan Investment Counsel LLC raised its holdings in APA by 1.4% in the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 29,224 shares of the company’s stock valued at $1,020,000 after acquiring an additional 417 shares during the period. Finally, Covestor Ltd raised its holdings in APA by 117.8% in the 1st quarter. Covestor Ltd now owns 808 shares of the company’s stock valued at $33,000 after acquiring an additional 437 shares during the period. 83.36% of the stock is owned by institutional investors.

APA Stock Performance

NASDAQ APA opened at $45.27 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 3.48. The firm has a market capitalization of $14.55 billion, a price-to-earnings ratio of 4.32, a P/E/G ratio of 0.25 and a beta of 3.70. The firm’s 50 day simple moving average is $44.01 and its 200 day simple moving average is $39.27. APA Co. has a 1 year low of $22.94 and a 1 year high of $51.95.

APA (NASDAQ:APAGet Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.05. APA had a net margin of 33.83% and a return on equity of 325.67%. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the business posted $0.98 EPS. The firm’s revenue for the quarter was up 40.2% on a year-over-year basis. As a group, research analysts expect that APA Co. will post 8.2 earnings per share for the current fiscal year.

APA announced that its Board of Directors has authorized a share repurchase plan on Wednesday, September 14th that authorizes the company to repurchase 40,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

APA Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Friday, October 21st will be given 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 yield of 2.21%. This is a positive change from APA’s previous quarterly dividend of $0.13. APA’s dividend payout ratio (DPR) is currently 9.55%.

Analyst Upgrades and Downgrades

APA has been the topic of several research analyst reports. The Goldman Sachs Group increased their price target on shares of APA from $38.00 to $46.00 and gave the company a “neutral” rating in a report on Wednesday, October 19th. Jefferies Financial Group assumed coverage on shares of APA in a report on Wednesday, October 19th. They set a “hold” rating and a $45.00 target price on the stock. StockNews.com cut shares of APA from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 5th. Mizuho lowered their target price on shares of APA from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, October 24th. Finally, Raymond James lowered their target price on shares of APA from $75.00 to $70.00 and set a “strong-buy” rating on the stock in a report on Wednesday, October 5th. Four 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.39.

APA Company 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

Institutional Ownership by Quarter for APA (NASDAQ:APA)

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