APA (NASDAQ:APA) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of APA (NASDAQ:APA) in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a $41.00 price objective on the stock.

Several other brokerages have also recently issued reports on APA. Piper Sandler dropped their target price on APA from $34.00 to $29.00 and set a neutral rating for the company in a report on Thursday, August 15th. Citigroup lowered their price target on APA from $33.00 to $32.00 and set a neutral rating for the company in a report on Monday, September 9th. JPMorgan Chase & Co. lowered their price target on APA from $36.00 to $27.00 and set a neutral rating for the company in a report on Thursday, September 12th. Bank of America reiterated an underperform rating and set a $31.00 price target on shares of APA in a report on Friday, June 14th. Finally, Scotiabank lowered their price target on APA from $37.00 to $30.00 and set a sector perform rating for the company in a report on Friday, July 12th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $36.38.

APA Trading Down 1.1 %

Shares of APA stock opened at $25.07 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $9.31 billion, a price-to-earnings ratio of 2.80 and a beta of 3.24. The stock has a 50 day simple moving average of $28.39 and a 200-day simple moving average of $30.13. APA has a 1-year low of $22.72 and a 1-year high of $43.58.

APA (NASDAQ:APA) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $0.95 by $0.22. APA had a return on equity of 35.95% and a net margin of 32.66%. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the company earned $0.85 EPS. The firm’s revenue was up 41.6% compared to the same quarter last year. On average, equities research analysts expect that APA will post 4.34 EPS for the current fiscal year.

APA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.99%. The ex-dividend date is Tuesday, October 22nd. APA’s dividend payout ratio (DPR) is 11.19%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of APA by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 44,648,084 shares of the company’s stock valued at $1,535,001,000 after purchasing an additional 2,004,555 shares during the last quarter. Wealthquest Corp grew its stake in shares of APA by 21.7% in the 4th quarter. Wealthquest Corp now owns 154,200 shares of the company’s stock valued at $5,533,000 after purchasing an additional 27,513 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of APA by 23.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,841,956 shares of the company’s stock valued at $66,093,000 after purchasing an additional 345,192 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of APA by 10.6% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 20,299,538 shares of the company’s stock valued at $728,347,000 after purchasing an additional 1,938,335 shares during the last quarter. Finally, Mutual of America Capital Management LLC grew its stake in shares of APA by 18.5% in the 1st quarter. Mutual of America Capital Management LLC now owns 48,664 shares of the company’s stock valued at $1,673,000 after purchasing an additional 7,580 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.

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.