APA (NASDAQ:APA) Announces Quarterly Earnings Results, Beats Estimates By $0.22 EPS

APA (NASDAQ:APA) posted its earnings results on Wednesday. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $0.95 by $0.22, Briefing.com reports. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.28 billion. APA had a return on equity of 45.32% and a net margin of 34.04%. APA’s revenue for the quarter was up 41.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.85 earnings per share.

APA Price Performance

Shares of APA traded down $0.11 during mid-day trading on Thursday, reaching $31.08. 9,326,087 shares of the company’s stock were exchanged, compared to its average volume of 6,289,438. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.42. The company has a 50-day simple moving average of $29.70 and a two-hundred day simple moving average of $31.00. APA has a 52-week low of $27.17 and a 52-week high of $46.15. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 3.48 and a beta of 3.26.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.22%. APA’s dividend payout ratio (DPR) is 11.19%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on APA shares. Bank of America reaffirmed an “underperform” rating and set a $31.00 price objective on shares of APA in a report on Friday, June 14th. Mizuho raised their price objective on APA from $34.00 to $35.00 and gave the stock an “underperform” rating in a report on Tuesday, May 21st. Evercore ISI lowered APA from an “outperform” rating to an “inline” rating and dropped their price objective for the stock from $52.00 to $39.00 in a report on Friday, June 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $41.00 price objective on shares of APA in a report on Wednesday, July 10th. Finally, Susquehanna increased their target price on shares of APA from $54.00 to $57.00 and gave the stock a “positive” rating in a research note on Tuesday, May 7th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.86.

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.