APA Co. to Post Q1 2024 Earnings of $0.75 Per Share, Zacks Research Forecasts (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Equities researchers at Zacks Research lifted their Q1 2024 earnings estimates for APA in a research note issued to investors on Monday, April 22nd. Zacks Research analyst N. Choudhury now anticipates that the company will earn $0.75 per share for the quarter, up from their previous forecast of $0.73. The consensus estimate for APA’s current full-year earnings is $4.96 per share. Zacks Research also issued estimates for APA’s Q2 2024 earnings at $0.97 EPS, Q3 2024 earnings at $0.80 EPS, Q4 2024 earnings at $1.05 EPS and FY2024 earnings at $3.57 EPS.

APA (NASDAQ:APA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $1.15 EPS for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.18). The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.07 billion. APA had a net margin of 34.95% and a return on equity of 62.64%. The firm’s quarterly revenue was down 12.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.48 earnings per share.

APA has been the subject of several other reports. Susquehanna boosted their price objective on APA from $50.00 to $54.00 and gave the stock a “positive” rating in a report on Monday. Scotiabank reissued a “sector perform” rating and set a $37.00 price target (down from $43.00) on shares of APA in a research note on Tuesday, January 16th. JPMorgan Chase & Co. raised their price objective on shares of APA from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. Wells Fargo & Company started coverage on shares of APA in a report on Wednesday. They set an “overweight” rating and a $55.00 target price for the company. Finally, Morgan Stanley restated an “underweight” rating and issued a $28.00 price target on shares of APA in a research report on Monday, April 15th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $42.25.

APA Trading Down 0.0 %

Shares of APA opened at $32.05 on Wednesday. The stock’s fifty day simple moving average is $32.51 and its 200-day simple moving average is $34.52. The firm has a market capitalization of $9.65 billion, a PE ratio of 3.45 and a beta of 3.27. APA has a 12-month low of $29.47 and a 12-month high of $46.15. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.41.

APA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Monday, April 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.12%. APA’s dividend payout ratio (DPR) is 10.78%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of APA. American National Bank grew its position in APA by 208.5% in the first quarter. American National Bank now owns 725 shares of the company’s stock valued at $25,000 after purchasing an additional 490 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of APA in the 3rd quarter valued at about $34,000. Quent Capital LLC increased its position in shares of APA by 64.0% in the fourth quarter. Quent Capital LLC now owns 961 shares of the company’s stock valued at $34,000 after acquiring an additional 375 shares during the last quarter. Rakuten Securities Inc. bought a new stake in APA during the fourth quarter worth about $34,000. Finally, Principal Securities Inc. acquired a new position in APA during the fourth quarter valued at approximately $39,000. 83.01% of the stock is owned by institutional investors and hedge funds.

About APA

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.