PNC Financial Services Group Inc. Buys 18,697 Shares of APA Corporation $APA

PNC Financial Services Group Inc. grew its stake in shares of APA Corporation (NASDAQ:APA) by 13.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 160,745 shares of the company’s stock after buying an additional 18,697 shares during the period. PNC Financial Services Group Inc.’s holdings in APA were worth $3,903,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in APA by 2.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 14,208,961 shares of the company’s stock worth $259,882,000 after acquiring an additional 275,981 shares during the period. AQR Capital Management LLC increased its stake in shares of APA by 157.1% in the second quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company’s stock worth $55,970,000 after purchasing an additional 1,869,891 shares in the last quarter. First Trust Advisors LP raised its position in shares of APA by 23.9% during the 2nd quarter. First Trust Advisors LP now owns 2,710,405 shares of the company’s stock valued at $49,573,000 after purchasing an additional 522,947 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of APA by 43.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company’s stock valued at $56,092,000 after buying an additional 806,252 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS lifted its stake in shares of APA by 7.5% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 1,873,041 shares of the company’s stock valued at $45,477,000 after buying an additional 130,524 shares in the last quarter. 83.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on APA shares. Raymond James Financial reissued an “outperform” rating and set a $31.00 price target on shares of APA in a report on Monday, November 24th. The Goldman Sachs Group increased their target price on APA from $21.00 to $23.00 and gave the stock a “sell” rating in a research report on Thursday, January 22nd. Benchmark reissued a “buy” rating on shares of APA in a report on Monday, February 2nd. Mizuho upped their price target on APA from $20.00 to $22.00 and gave the stock an “underperform” rating in a research note on Friday, December 12th. Finally, Stephens lifted their price objective on shares of APA from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $26.39.

APA Stock Performance

NASDAQ APA opened at $29.06 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.78 and a quick ratio of 0.78. APA Corporation has a 1-year low of $13.58 and a 1-year high of $30.08. The business has a 50 day simple moving average of $25.82 and a two-hundred day simple moving average of $24.19. The stock has a market capitalization of $10.31 billion, a PE ratio of 6.99, a P/E/G ratio of 13.29 and a beta of 0.74.

APA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Wednesday, April 22nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date is Wednesday, April 22nd. APA’s payout ratio is currently 24.04%.

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.