Ritholtz Wealth Management Buys 65,592 Shares of APA Corporation $APA

Ritholtz Wealth Management lifted its stake in shares of APA Corporation (NASDAQ:APA) by 34.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 254,041 shares of the company’s stock after purchasing an additional 65,592 shares during the period. Ritholtz Wealth Management owned about 0.07% of APA worth $11,641,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Jacobi Capital Management LLC purchased a new position in shares of APA in the third quarter valued at approximately $81,000. Illinois Municipal Retirement Fund increased its position in shares of APA by 6.7% during the third quarter. Illinois Municipal Retirement Fund now owns 394,665 shares of the company’s stock worth $16,394,000 after purchasing an additional 24,919 shares in the last quarter. Keybank National Association OH increased its position in shares of APA by 1,094.6% during the third quarter. Keybank National Association OH now owns 112,301 shares of the company’s stock worth $4,665,000 after purchasing an additional 102,900 shares in the last quarter. Elevated Capital Advisors LLC purchased a new stake in shares of APA during the third quarter worth approximately $30,000. Finally, D Orazio & Associates Inc. acquired a new position in APA in the 3rd quarter valued at $307,000. Institutional investors and hedge funds own 83.01% of the company’s stock.

APA Stock Up 3.6%

Shares of NASDAQ:APA opened at $46.74 on Thursday. APA Corporation has a 52-week low of $23.06 and a 52-week high of $52.96. The stock has a market cap of $15.69 billion, a P/E ratio of 7.59, a PEG ratio of 0.68 and a beta of 0.29. The business has a fifty day moving average of $46.04 and a two-hundred day moving average of $38.37. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.41.

APA (NASDAQ:APA) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $1.94 EPS for the quarter, topping the consensus estimate of $1.60 by $0.34. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.48 billion. APA had a return on equity of 28.34% and a net margin of 23.08%. The company’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 EPS. On average, research analysts expect that APA Corporation will post 6.61 earnings per share for the current year.

APA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Thursday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Thursday, October 22nd. APA’s dividend payout ratio (DPR) is presently 16.23%.

APA declared that its board has authorized a stock repurchase plan on Wednesday, September 16th that permits the company to buy back 40,000,000 shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have weighed in on APA shares. Wall Street Zen upgraded APA from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 7th. Citigroup lifted their target price on shares of APA from $38.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Truist Financial upped their target price on shares of APA from $45.00 to $50.00 and gave the stock a “hold” rating in a report on Monday. Susquehanna increased their target price on shares of APA from $47.00 to $58.00 and gave the company a “positive” rating in a research report on Tuesday, October 20th. Finally, Seaport Research Partners initiated coverage on shares of APA in a research note on Thursday, September 3rd. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.14.

About APA

APA Corporation is an independent energy company that explores for, develops and produces crude oil, natural gas and natural gas liquids. Its activities include operating wells and related infrastructure, as well as evaluating and developing oil and natural gas resources. The company’s principal operating areas include the United States and Egypt. APA also has offshore exploration interests in Suriname, where it has worked with partners to assess resources in the region. APA traces its history to Apache Corporation, founded in 1954.