APA (NASDAQ:APA) Hits New 1-Year High – Here’s Why

APA Corporation (NASDAQ:APA) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $26.19 and last traded at $26.2880, with a volume of 873911 shares traded. The stock had previously closed at $25.45.

Analyst Upgrades and Downgrades

APA has been the topic of several recent analyst reports. Evercore ISI lowered their price objective on shares of APA from $21.00 to $16.00 in a research note on Tuesday, November 4th. Cfra Research upgraded APA to a “hold” rating in a report on Friday, August 8th. William Blair started coverage on APA in a research report on Wednesday, November 26th. They set an “outperform” rating and a $32.00 price target on the stock. Piper Sandler upped their price objective on APA from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, November 18th. Finally, The Goldman Sachs Group raised their price objective on APA from $19.00 to $21.00 and gave the company a “sell” rating in a research report on Thursday, November 20th. Six equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, APA presently has an average rating of “Hold” and an average target price of $26.55.

APA Stock Down 0.9%

The stock has a 50-day moving average of $23.92 and a 200-day moving average of $21.44. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $9.47 billion, a price-to-earnings ratio of 6.42, a P/E/G ratio of 7.22 and a beta of 0.75.

APA (NASDAQ:APA) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.19. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.06 billion. APA had a net margin of 15.49% and a return on equity of 19.86%. The business’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. Sell-side analysts predict that APA Corporation will post 4.03 EPS for the current fiscal year.

APA Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Wednesday, October 22nd were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Wednesday, October 22nd. APA’s dividend payout ratio is presently 24.04%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Swiss Life Asset Management Ltd acquired a new position in APA in the third quarter valued at $393,000. CMC Financial Group acquired a new stake in APA during the 3rd quarter worth about $317,000. Cambria Investment Management L.P. bought a new position in shares of APA in the 3rd quarter worth about $9,192,000. CIBC Bancorp USA Inc. acquired a new position in shares of APA in the 3rd quarter valued at about $887,000. Finally, Sunbelt Securities Inc. boosted its position in shares of APA by 54.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 4,389 shares of the company’s stock valued at $107,000 after purchasing an additional 1,550 shares in the last quarter. Institutional investors own 83.01% of the company’s stock.

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.