APA (NASDAQ:APA) Price Target Cut to $38.00 by Analysts at Truist Financial

APA (NASDAQ:APA) had its price target reduced by Truist Financial from $39.00 to $38.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 14.99% from the company’s current price.

Other research analysts have also issued research reports about the company. Sanford C. Bernstein increased their price target on APA from $37.00 to $40.00 and gave the stock a “market perform” rating in a report on Wednesday, May 20th. Stephens boosted their price objective on APA from $43.00 to $47.00 in a research note on Wednesday, June 10th. Morgan Stanley dropped their price objective on APA from $44.00 to $41.00 and set an “underweight” rating on the stock in a report on Friday, June 26th. Wells Fargo & Company raised their price target on shares of APA from $21.00 to $39.00 and gave the company an “equal weight” rating in a report on Thursday, April 9th. Finally, Wolfe Research boosted their price objective on APA from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Eight investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $40.85.

APA Price Performance

NASDAQ:APA traded down $0.24 during mid-day trading on Friday, reaching $33.05. The stock had a trading volume of 1,089,222 shares, compared to its average volume of 7,249,533. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. APA has a 12 month low of $17.86 and a 12 month high of $45.66. The stock has a market capitalization of $11.68 billion, a PE ratio of 7.70 and a beta of 0.35. The stock has a 50-day simple moving average of $36.24 and a two-hundred day simple moving average of $33.16.

APA (NASDAQ:APA) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 EPS for the quarter, beating the consensus estimate of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. The firm’s revenue was down 11.7% compared to the same quarter last year. On average, equities analysts anticipate that APA will post 5.29 earnings per share for the current year.

Insider Activity at APA

In other APA news, VP Mark D. Maddox sold 9,800 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total value of $392,392.00. Following the completion of the transaction, the vice president owned 66,810 shares of the company’s stock, valued at approximately $2,675,072.40. The trade was a 12.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in APA by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,300 shares of the company’s stock valued at $700,000 after buying an additional 2,070 shares during the last quarter. NewEdge Advisors LLC increased its stake in APA by 49.6% in the 1st quarter. NewEdge Advisors LLC now owns 10,785 shares of the company’s stock worth $227,000 after buying an additional 3,578 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of APA by 43.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,668,505 shares of the company’s stock valued at $56,092,000 after acquiring an additional 806,252 shares in the last quarter. Focus Partners Wealth raised its position in APA by 10.6% during the 1st quarter. Focus Partners Wealth now owns 44,833 shares of the company’s stock valued at $942,000 after purchasing an additional 4,297 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in APA during the 2nd quarter valued at $5,199,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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.