APA (NASDAQ:APA) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of APA (NASDAQ:APAGet Rating) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has $44.00 price objective on the stock, down from their prior price objective of $52.00.

APA has been the subject of several other reports. Royal Bank of Canada increased their price objective on APA from $52.00 to $54.00 and gave the stock a sector perform rating in a research note on Monday, November 14th. Bank of America restated a buy rating and issued a $65.00 target price on shares of APA in a research note on Wednesday, November 30th. Raymond James lowered their target price on APA from $75.00 to $70.00 and set a strong-buy rating for the company in a research note on Wednesday, October 5th. Piper Sandler raised their target price on APA from $46.00 to $49.00 and gave the company a neutral rating in a research note on Thursday, November 17th. Finally, StockNews.com lowered APA from a strong-buy rating to a buy rating in a research note on Wednesday, October 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $52.88.

APA Stock Performance

APA stock opened at $44.06 on Tuesday. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a fifty day moving average price of $45.18 and a two-hundred day moving average price of $42.28. APA has a 52-week low of $29.61 and a 52-week high of $51.95. The firm has a market capitalization of $14.17 billion, a P/E ratio of 4.21, a P/E/G ratio of 0.17 and a beta of 3.58.

APA (NASDAQ:APAGet Rating) last released 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. APA had a return on equity of 325.67% and a net margin of 33.83%. The firm had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the company posted $0.98 earnings per share. The business’s revenue for the quarter was up 40.2% compared to the same quarter last year. As a group, analysts anticipate that APA will post 7.97 EPS for the current fiscal year.

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 22nd. Shareholders of record on Monday, January 23rd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Friday, January 20th. APA’s dividend payout ratio (DPR) is currently 9.55%.

Hedge Funds Weigh In On APA

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in APA. Renaissance Technologies LLC boosted its holdings in APA by 385.8% during the second quarter. Renaissance Technologies LLC now owns 2,954,445 shares of the company’s stock worth $103,110,000 after buying an additional 2,346,254 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of APA by 191.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,144,248 shares of the company’s stock valued at $129,952,000 after purchasing an additional 2,064,022 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of APA by 91.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,102,505 shares of the company’s stock valued at $106,075,000 after purchasing an additional 1,481,009 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of APA by 315.5% during the 2nd quarter. Deutsche Bank AG now owns 1,771,760 shares of the company’s stock valued at $61,832,000 after purchasing an additional 1,345,301 shares in the last quarter. Finally, Amundi lifted its holdings in shares of APA by 324.3% during the 2nd quarter. Amundi now owns 1,737,234 shares of the company’s stock valued at $54,860,000 after purchasing an additional 1,327,766 shares in the last quarter. Institutional investors own 80.79% of the company’s stock.

About APA

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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

Analyst Recommendations for APA (NASDAQ:APA)

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