APA (NASDAQ:APA) Price Target Lowered to $27.00 at Scotiabank

APA (NASDAQ:APA) had its target price reduced by Scotiabank from $30.00 to $27.00 in a research note published on Thursday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Several other equities analysts have also issued reports on APA. Royal Bank of Canada restated a sector perform rating and set a $41.00 target price on shares of APA in a research report on Tuesday, September 17th. Mizuho decreased their price objective on APA from $35.00 to $28.00 and set an underperform rating for the company in a research report on Monday, September 16th. Barclays decreased their price objective on APA from $35.00 to $30.00 and set an equal weight rating for the company in a research report on Thursday, October 3rd. JPMorgan Chase & Co. decreased their price objective on APA from $36.00 to $27.00 and set a neutral rating for the company in a research report on Thursday, September 12th. Finally, Wolfe Research began coverage on APA in a research report on Thursday, July 18th. They issued an outperform rating and a $42.00 price objective for the company. 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 company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $34.90.

APA Price Performance

APA stock opened at $27.07 on Thursday. The firm has a market capitalization of $10.05 billion, a P/E ratio of 3.03 and a beta of 3.23. APA has a 1 year low of $22.72 and a 1 year high of $43.58. The business has a 50-day moving average of $26.67 and a 200-day moving average of $29.36. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, July 31st. The company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.22. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.28 billion. APA had a return on equity of 35.95% and a net margin of 32.66%. The company’s revenue for the quarter was up 41.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. On average, equities analysts anticipate that APA will post 3.97 EPS for the current year.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, October 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Tuesday, October 22nd. APA’s dividend payout ratio is currently 11.19%.

Institutional Investors Weigh In On APA

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wedge Capital Management L L P NC raised its stake in APA by 4.2% in the 3rd quarter. Wedge Capital Management L L P NC now owns 406,424 shares of the company’s stock valued at $9,941,000 after acquiring an additional 16,455 shares during the period. Woodstock Corp raised its stake in APA by 20.3% in the 3rd quarter. Woodstock Corp now owns 308,253 shares of the company’s stock valued at $7,540,000 after acquiring an additional 51,993 shares during the period. Exchange Traded Concepts LLC bought a new stake in APA in the 3rd quarter valued at $88,000. Foundation Resource Management Inc. raised its stake in APA by 1.4% in the 3rd quarter. Foundation Resource Management Inc. now owns 151,435 shares of the company’s stock valued at $3,704,000 after acquiring an additional 2,116 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in APA by 357.1% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,200 shares of the company’s stock valued at $78,000 after acquiring an additional 2,500 shares during the period. Institutional investors own 83.01% 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.