Wells Fargo & Company Has Lowered Expectations for APA (NASDAQ:APA) Stock Price

APA (NASDAQ:APA) had its price target reduced by research analysts at Wells Fargo & Company from $25.00 to $23.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.10% from the company’s current price.

Other research analysts have also issued reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $32.00 target price on shares of APA in a research report on Thursday, January 23rd. Barclays cut their price objective on APA from $27.00 to $25.00 and set an “equal weight” rating for the company in a report on Tuesday, March 18th. JPMorgan Chase & Co. dropped their target price on APA from $23.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. The Goldman Sachs Group reduced their price target on shares of APA from $25.00 to $22.00 and set a “sell” rating on the stock in a research report on Friday, January 3rd. Finally, Citigroup lowered their price objective on shares of APA from $24.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.50.

APA Stock Performance

NASDAQ:APA opened at $20.89 on Wednesday. The stock has a market cap of $7.61 billion, a P/E ratio of 2.95 and a beta of 3.26. 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 business’s 50-day moving average price is $21.82 and its two-hundred day moving average price is $22.97. APA has a twelve month low of $17.66 and a twelve month high of $36.05.

APA (NASDAQ:APA) last announced its earnings results on Wednesday, February 26th. The company reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). APA had a net margin of 24.36% and a return on equity of 27.86%. The company had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.31 billion. As a group, equities analysts predict that APA will post 4.03 EPS for the current fiscal year.

Hedge Funds Weigh In On APA

Several hedge funds and other institutional investors have recently modified their holdings of APA. Pathstone Holdings LLC grew its holdings in shares of APA by 2.7% during the 3rd quarter. Pathstone Holdings LLC now owns 68,074 shares of the company’s stock worth $1,665,000 after acquiring an additional 1,771 shares during the period. PNC Financial Services Group Inc. grew its stake in APA by 30.1% in the third quarter. PNC Financial Services Group Inc. now owns 74,377 shares of the company’s stock worth $1,819,000 after purchasing an additional 17,188 shares during the period. Raymond James Trust N.A. raised its holdings in APA by 22.0% in the third quarter. Raymond James Trust N.A. now owns 20,071 shares of the company’s stock worth $491,000 after purchasing an additional 3,623 shares in the last quarter. Cerity Partners LLC lifted its position in APA by 25.5% during the third quarter. Cerity Partners LLC now owns 28,710 shares of the company’s stock valued at $702,000 after buying an additional 5,842 shares during the period. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of APA by 13.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 45,194 shares of the company’s stock valued at $1,105,000 after buying an additional 5,385 shares in the last quarter. Hedge funds and other institutional investors 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.