Royal Bank of Canada Reaffirms Sector Perform Rating for APA (NASDAQ:APA)

by · The Markets Daily

Royal Bank of Canada reaffirmed their sector perform rating on shares of APA (NASDAQ:APA – Free Report) in a research note released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a $41.00 price objective on the stock.

A number of other research analysts also recently issued reports on APA. Bank of America reissued an underperform rating and set a $31.00 price objective on shares of APA in a research report on Friday, June 14th. Susquehanna reduced their price target on shares of APA from $57.00 to $52.00 and set a positive rating on the stock in a research report on Wednesday, September 4th. UBS Group lowered their price objective on shares of APA from $38.00 to $35.00 and set a neutral rating for the company in a report on Tuesday, August 6th. Mizuho cut their price objective on APA from $35.00 to $28.00 and set an underperform rating on the stock in a research report on Monday. Finally, Wolfe Research started coverage on APA in a research report on Thursday, July 18th. They issued an outperform rating and a $42.00 target price for the company. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $36.38.

Read Our Latest Stock Report on APA

APA Stock Performance

APA stock opened at $25.36 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a market cap of $9.41 billion, a P/E ratio of 2.84 and a beta of 3.24. APA has a 1-year low of $22.72 and a 1-year high of $43.58. The firm has a 50-day moving average of $28.48 and a 200-day moving average of $30.16.

APA (NASDAQ:APA – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.22. APA had a return on equity of 35.95% and a net margin of 32.66%. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the business posted $0.85 EPS. The business’s revenue was up 41.6% on a year-over-year basis. Sell-side analysts expect that APA will post 4.34 EPS for the current year.

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 3.94%. APA’s dividend payout ratio is currently 11.19%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sunpointe LLC lifted its holdings in shares of APA by 2.8% during the second quarter. Sunpointe LLC now owns 13,297 shares of the company’s stock valued at $391,000 after purchasing an additional 362 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of APA by 12.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,558 shares of the company’s stock valued at $105,000 after acquiring an additional 380 shares during the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of APA by 6.7% in the second quarter. Citizens Financial Group Inc. RI now owns 6,860 shares of the company’s stock worth $202,000 after acquiring an additional 429 shares during the period. Stephens Inc. AR raised its holdings in shares of APA by 0.9% during the fourth quarter. Stephens Inc. AR now owns 49,475 shares of the company’s stock valued at $1,775,000 after purchasing an additional 436 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in APA by 18.1% during the first quarter. UMB Bank n.a. now owns 2,865 shares of the company’s stock valued at $98,000 after purchasing an additional 439 shares during the period. Institutional investors own 83.01% of the company’s stock.

APA Company Profile

(Get Free Report)

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.

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