Roth Mkm Forecasts Strong Price Appreciation for APA (NASDAQ:APA) Stock

APA (NASDAQ:APA) had its price target increased by equities research analysts at Roth Mkm from $27.00 to $37.00 in a research report issued on Wednesday,MarketScreener reports. The brokerage currently has a “neutral” rating on the stock. Roth Mkm’s target price would suggest a potential downside of 2.37% from the company’s current price.

A number of other equities analysts have also recently weighed in on APA. Bank of America upped their price target on APA from $23.00 to $27.00 and gave the stock an “underperform” rating in a report on Monday, March 16th. Wells Fargo & Company increased their target price on APA from $21.00 to $39.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Evercore increased their target price on APA from $25.00 to $40.00 and gave the company a “neutral” rating in a research note on Tuesday, March 24th. Stephens increased their target price on APA from $24.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 31st. Finally, Scotiabank upgraded APA to a “hold” rating in a research note on Friday, March 27th. Seven analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, APA has an average rating of “Hold” and an average price target of $38.46.

APA Stock Up 3.6%

APA opened at $37.90 on Wednesday. The firm has a 50 day moving average price of $34.70 and a 200 day moving average price of $28.11. The company has a market cap of $13.39 billion, a PE ratio of 9.50 and a beta of 0.49. APA has a 1 year low of $15.15 and a 1 year high of $45.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.29. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.89 billion. APA had a net margin of 15.55% and a return on equity of 19.89%. The company’s revenue was down 26.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. Sell-side analysts expect that APA will post 4.03 earnings per share for the current year.

Insider Transactions at APA

In related news, Director Matthew Regis Bob sold 23,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the transaction, the director directly owned 6,634 shares in the company, valued at $240,349.82. This trade represents a 77.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On APA

Large investors have recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators lifted its stake in APA by 276.7% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after purchasing an additional 891 shares during the last quarter. Summit Securities Group LLC increased its position in APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock worth $32,000 after buying an additional 710 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in APA in the third quarter worth $34,000. Camelot Portfolios LLC acquired a new stake in APA in the fourth quarter worth $37,000. Finally, Spire Wealth Management increased its position in APA by 179.6% in the third quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after buying an additional 977 shares during the period. 83.01% of the stock is currently owned by institutional investors.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.