Envestnet Asset Management Inc. Sells 38,318 Shares of APA Co. (NASDAQ:APA)

Envestnet Asset Management Inc. cut its holdings in shares of APA Co. (NASDAQ:APA) by 22.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 134,989 shares of the company’s stock after selling 38,318 shares during the quarter. Envestnet Asset Management Inc.’s holdings in APA were worth $4,613,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in APA. Covestor Ltd lifted its holdings in APA by 117.8% in the first quarter. Covestor Ltd now owns 808 shares of the company’s stock valued at $33,000 after buying an additional 437 shares during the period. Money Concepts Capital Corp lifted its holdings in APA by 228.6% in the fourth quarter. Money Concepts Capital Corp now owns 723 shares of the company’s stock valued at $34,000 after buying an additional 503 shares during the period. Quarry LP lifted its holdings in APA by 2,535.1% in the first quarter. Quarry LP now owns 975 shares of the company’s stock valued at $35,000 after buying an additional 938 shares during the period. Harbour Investments Inc. lifted its holdings in APA by 70.3% in the first quarter. Harbour Investments Inc. now owns 1,112 shares of the company’s stock valued at $40,000 after buying an additional 459 shares during the period. Finally, Sunbelt Securities Inc. acquired a new position in APA in the first quarter valued at $69,000. 80.48% of the stock is owned by institutional investors.

APA Price Performance

APA stock opened at $37.00 on Tuesday. The company has a debt-to-equity ratio of 2.65, a quick ratio of 1.06 and a current ratio of 1.06. APA Co. has a 52 week low of $30.67 and a 52 week high of $48.55. The firm’s fifty day moving average is $40.00 and its 200 day moving average is $38.44. The firm has a market cap of $11.35 billion, a P/E ratio of 7.58, a P/E/G ratio of 6.34 and a beta of 3.50.

APA (NASDAQ:APA) last released its earnings results on Thursday, November 2nd. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.08 by $0.25. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.02 billion. APA had a net margin of 17.62% and a return on equity of 92.51%. The firm’s quarterly revenue was down 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.97 EPS. Research analysts predict that APA Co. will post 4.94 earnings per share for the current year.

APA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, October 23rd will be given a $0.25 dividend. The ex-dividend date is Friday, October 20th. This represents a $1.00 annualized dividend and a dividend yield of 2.70%. APA’s dividend payout ratio is 20.49%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Sanford C. Bernstein lowered shares of APA from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $50.00 in a report on Tuesday, October 17th. Jefferies Financial Group upped their price objective on shares of APA from $39.00 to $43.00 and gave the company a “hold” rating in a report on Monday, August 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 target price on shares of APA in a research report on Thursday, November 16th. UBS Group decreased their target price on shares of APA from $53.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, November 9th. Finally, Wells Fargo & Company boosted their target price on shares of APA from $52.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, APA currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.88.

About APA

APA Corporation, through its subsidiaries, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. 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, compression, processing, and transmission assets in West Texas, as well as holds ownership in four Permian Basin long-haul pipeline.