APA (NASDAQ:APA) Hits New 12-Month High on Analyst Upgrade

APA Corporation (NASDAQ:APA) shares reached a new 52-week high on Wednesday after Stephens raised their price target on the stock from $23.00 to $24.00. Stephens currently has an equal weight rating on the stock. APA traded as high as $28.66 and last traded at $28.4780, with a volume of 3290906 shares traded. The stock had previously closed at $27.34.

Several other equities research analysts have also issued reports on the company. Wolfe Research reissued an “outperform” rating and set a $35.00 price objective on shares of APA in a research note on Wednesday, January 21st. William Blair initiated coverage on shares of APA in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $32.00 target price on the stock. Benchmark reissued a “buy” rating on shares of APA in a research note on Monday, February 2nd. TD Cowen raised shares of APA to a “hold” rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group upped their target price on shares of APA from $21.00 to $23.00 and gave the stock a “sell” rating in a research report on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.39.

Hedge Funds Weigh In On APA

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of APA by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company’s stock worth $700,000 after purchasing an additional 2,070 shares during the period. NewEdge Advisors LLC increased its stake in APA by 49.6% during the 1st quarter. NewEdge Advisors LLC now owns 10,785 shares of the company’s stock valued at $227,000 after purchasing an additional 3,578 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in APA by 43.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company’s stock worth $56,092,000 after acquiring an additional 806,252 shares during the last quarter. Focus Partners Wealth increased its holdings in APA by 10.6% in the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company’s stock worth $942,000 after buying an additional 4,297 shares in the last quarter. Finally, CWM LLC boosted its holdings in shares of APA by 195.7% during the 2nd quarter. CWM LLC now owns 38,310 shares of the company’s stock valued at $701,000 after acquiring an additional 25,356 shares during the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Stock Performance

The firm has a market cap of $10.15 billion, a P/E ratio of 6.88, a P/E/G ratio of 12.50 and a beta of 0.74. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50-day simple moving average is $25.69 and its 200 day simple moving average is $24.08.

APA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Wednesday, April 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, April 22nd. APA’s dividend payout ratio (DPR) is currently 24.04%.

APA Company Profile

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.