APA (NASDAQ:APA) Sets New 52-Week High on Analyst Upgrade

Shares of APA Corporation (NASDAQ:APA) reached a new 52-week high on Wednesday after Mizuho raised their price target on the stock from $24.00 to $29.00. Mizuho currently has an underperform rating on the stock. APA traded as high as $36.00 and last traded at $35.87, with a volume of 6603835 shares trading hands. The stock had previously closed at $34.54.

APA has been the topic of a number of other reports. Citigroup lifted their target price on shares of APA from $24.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of APA in a research note on Monday, December 29th. Morgan Stanley lowered their price objective on shares of APA from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Friday, January 23rd. Piper Sandler lifted their price objective on shares of APA from $30.00 to $37.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Finally, Roth Mkm upped their target price on shares of APA from $23.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, February 26th. Seven analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, APA has an average rating of “Hold” and a consensus price target of $30.16.

Hedge Funds Weigh In On APA

Hedge funds and other institutional investors have recently bought and sold shares of the company. Deseret Mutual Benefit Administrators raised its position in APA by 276.7% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after buying an additional 891 shares during the last quarter. Summit Securities Group LLC boosted its holdings in shares of APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock valued at $32,000 after acquiring an additional 710 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of APA in the third quarter valued at about $34,000. Spire Wealth Management increased its stake in shares of APA by 179.6% during the third quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after acquiring an additional 977 shares during the period. Finally, Camelot Portfolios LLC acquired a new position in shares of APA during the fourth quarter worth about $37,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Stock Up 2.1%

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $12.93 billion, a PE ratio of 9.18, a PEG ratio of 15.87 and a beta of 0.67. The firm’s fifty day moving average is $28.58 and its 200-day moving average is $25.63.

APA (NASDAQ:APA) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.29. APA had a return on equity of 19.89% and a net margin of 15.55%.The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the company earned $0.79 EPS. The firm’s revenue for the quarter was down 26.6% compared to the same quarter last year. On average, equities research analysts predict that APA Corporation will post 4.03 earnings per share for the current year.

APA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Wednesday, April 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, April 22nd. APA’s dividend payout ratio (DPR) is currently 25.06%.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.