Griffin Asset Management Inc. Reduces Holdings in APA Co. (NASDAQ:APA)

Griffin Asset Management Inc. reduced its stake in APA Co. (NASDAQ:APA) by 11.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,407 shares of the company’s stock after selling 16,930 shares during the period. Griffin Asset Management Inc.’s holdings in APA were worth $3,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Private Client Wealth LLC lifted its stake in APA by 84.1% in the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock worth $29,000 after acquiring an additional 540 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of APA by 93.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,614 shares of the company’s stock worth $37,000 after acquiring an additional 780 shares during the period. Huntington National Bank raised its position in shares of APA by 48.8% in the 3rd quarter. Huntington National Bank now owns 1,710 shares of the company’s stock worth $42,000 after acquiring an additional 561 shares in the last quarter. Eastern Bank lifted its position in APA by 355.0% during the fourth quarter. Eastern Bank now owns 2,275 shares of the company’s stock valued at $53,000 after buying an additional 1,775 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of APA by 164.2% during the 3rd quarter. Blue Trust Inc. now owns 2,581 shares of the company’s stock valued at $63,000 after buying an additional 1,604 shares in the last quarter. Institutional investors own 83.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $32.00 price target on shares of APA in a research report on Thursday, January 23rd. Barclays cut their price target on APA from $30.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Friday, November 8th. Susquehanna lowered their price objective on APA from $52.00 to $48.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Mizuho cut their target price on APA from $25.00 to $24.00 and set an “underperform” rating on the stock in a research note on Monday, December 16th. Finally, Piper Sandler lowered their price target on APA from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $30.65.

APA Stock Performance

Shares of NASDAQ APA opened at $23.38 on Tuesday. APA Co. has a 12-month low of $20.32 and a 12-month high of $36.04. The firm has a 50 day moving average of $22.79 and a 200 day moving average of $25.26. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 3.30 and a beta of 3.16. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03.

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Wednesday, January 22nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, January 22nd. This represents a $1.00 annualized dividend and a dividend yield of 4.28%. APA’s payout ratio is 14.12%.

Insider Activity

In related news, Director Juliet S. Ellis purchased 4,391 shares of APA stock in a transaction on Thursday, December 12th. The shares were bought at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the acquisition, the director now owns 12,436 shares in the company, valued at approximately $283,292.08. The trade was a 54.58 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

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.