APA (NASDAQ:APA) Raised to “Buy” at Argus

APA (NASDAQ:APA) was upgraded by equities research analysts at Argus from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $48.00 price objective on the stock. Argus’ price objective points to a potential upside of 13.29% from the stock’s current price.

APA has been the topic of a number of other reports. Mizuho raised APA to a “strong sell” rating in a report on Friday, July 31st. Stephens upped their price target on shares of APA from $43.00 to $47.00 in a report on Wednesday, June 10th. Capital One Financial raised their price objective on shares of APA from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Raymond James Financial reduced their price objective on shares of APA from $57.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of APA from $38.00 to $41.00 in a research note on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $41.50.

APA Price Performance

Shares of APA opened at $42.37 on Wednesday. APA has a one year low of $19.96 and a one year high of $45.66. The stock’s fifty day moving average is $35.58 and its 200-day moving average is $35.49. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $14.84 billion, a price-to-earnings ratio of 8.96 and a beta of 0.35.

APA (NASDAQ:APA) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a return on equity of 24.84% and a net margin of 19.48%.The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the previous year, the company earned $0.87 EPS. Equities analysts anticipate that APA will post 5.25 EPS for the current year.

Institutional Investors Weigh In On APA

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Thrivent Financial for Lutherans grew its position in APA by 85.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 80,815 shares of the company’s stock worth $1,976,000 after acquiring an additional 37,180 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of APA by 59.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 112,895 shares of the company’s stock worth $2,761,000 after purchasing an additional 42,068 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of APA by 20.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 193,102 shares of the company’s stock valued at $4,723,000 after purchasing an additional 32,357 shares in the last quarter. Prudential PLC raised its holdings in shares of APA by 753.2% during the 4th quarter. Prudential PLC now owns 136,744 shares of the company’s stock valued at $3,345,000 after purchasing an additional 120,717 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of APA in the 4th quarter valued at $19,968,000. 83.01% of the stock is owned by institutional investors and hedge funds.

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.