Texas Permanent School Fund lifted its holdings in shares of APA Co. (NASDAQ:APA – Get Rating) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,202 shares of the company’s stock after acquiring an additional 1,527 shares during the period. Texas Permanent School Fund’s holdings in APA were worth $1,580,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in APA. Allworth Financial LP grew its stake in APA by 50.5% during the 3rd quarter. Allworth Financial LP now owns 998 shares of the company’s stock worth $34,000 after buying an additional 335 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in 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. grew its stake in 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. Clifford Swan Investment Counsel LLC grew its stake in APA by 1.4% during the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 29,224 shares of the company’s stock worth $1,020,000 after buying an additional 417 shares during the last quarter. Finally, Corient Capital Partners LLC grew its stake in APA by 7.1% during the 2nd quarter. Corient Capital Partners LLC now owns 6,475 shares of the company’s stock worth $226,000 after buying an additional 431 shares during the last quarter. Institutional investors and hedge funds own 80.79% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Bank of America restated a “buy” rating and set a $65.00 price target on shares of APA in a research note on Wednesday, November 30th. Morgan Stanley lowered their target price on APA from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 14th. StockNews.com downgraded APA from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 5th. Barclays lifted their target price on APA from $46.00 to $55.00 in a research note on Wednesday, December 7th. Finally, Citigroup lifted their target price on APA from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Monday, November 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, APA has an average rating of “Moderate Buy” and an average price target of $53.59.
APA Stock Up 1.3 %
APA (NASDAQ:APA – Get Rating) last issued its quarterly earnings data 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. The firm had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.35 billion. APA had a return on equity of 325.67% and a net margin of 33.83%. APA’s revenue was up 40.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. On average, equities analysts anticipate that APA Co. will post 8.19 earnings per share for the current fiscal year.
APA Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 22nd. Investors of record on Monday, January 23rd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, January 20th. This represents a $1.00 annualized dividend and a yield of 2.28%. APA’s dividend payout ratio is presently 9.55%.
APA declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 14th that permits the company to buyback 40,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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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