Citigroup Issues Pessimistic Forecast for APA (NASDAQ:APA) Stock Price

APA (NASDAQ:APA) had its price objective dropped by investment analysts at Citigroup from $29.00 to $24.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 7.33% from the stock’s current price.

APA has been the subject of several other research reports. Piper Sandler dropped their price objective on shares of APA from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Monday, November 18th. The Goldman Sachs Group lowered their target price on APA from $26.00 to $25.00 in a research note on Friday, October 18th. JPMorgan Chase & Co. cut their price target on APA from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company decreased their price objective on shares of APA from $49.00 to $47.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, Scotiabank decreased their price target on shares of APA from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, APA currently has an average rating of “Hold” and a consensus target price of $32.57.

APA Stock Performance

NASDAQ APA traded down $0.31 during midday trading on Tuesday, hitting $22.36. The company had a trading volume of 776,448 shares, compared to its average volume of 6,268,747. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. The firm has a fifty day simple moving average of $24.31 and a two-hundred day simple moving average of $27.32. APA has a fifty-two week low of $21.15 and a fifty-two week high of $37.82. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 3.16 and a beta of 3.24.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Lazard Asset Management LLC raised its holdings in APA by 4.9% in the 1st quarter. Lazard Asset Management LLC now owns 11,259 shares of the company’s stock valued at $387,000 after acquiring an additional 530 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in APA by 8.6% during the first quarter. Public Employees Retirement System of Ohio now owns 139,365 shares of the company’s stock worth $4,791,000 after purchasing an additional 10,981 shares during the period. California State Teachers Retirement System lifted its position in APA by 3.3% during the first quarter. California State Teachers Retirement System now owns 443,818 shares of the company’s stock worth $15,258,000 after purchasing an additional 14,069 shares during the period. Comerica Bank grew its stake in APA by 0.9% during the first quarter. Comerica Bank now owns 176,535 shares of the company’s stock worth $6,069,000 after buying an additional 1,641 shares in the last quarter. Finally, Webs Creek Capital Management LP bought a new position in APA in the 1st quarter valued at about $28,593,000. 83.01% of the stock is currently owned by institutional investors.

APA Company Profile

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.