APA (NASDAQ:APA) Price Target Cut to $32.00 by Analysts at The Goldman Sachs Group

APA (NASDAQ:APA) had its target price reduced by equities researchers at The Goldman Sachs Group from $34.00 to $32.00 in a research note issued on Tuesday,MarketScreener reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 2.97% from the stock’s previous close.

APA has been the topic of several other reports. Susquehanna increased their price target on shares of APA from $37.00 to $47.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Truist Financial upped their price objective on APA from $38.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 20th. Stephens increased their price objective on APA from $43.00 to $47.00 in a research report on Wednesday, June 10th. Scotiabank lifted their target price on APA from $26.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Zacks Research downgraded APA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Eight equities research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, APA presently has a consensus rating of “Hold” and a consensus price target of $40.88.

APA Price Performance

APA stock traded up $0.02 during midday trading on Tuesday, reaching $32.98. 290,390 shares of the company’s stock traded hands, compared to its average volume of 7,345,003. The company has a 50-day simple moving average of $36.97 and a two-hundred day simple moving average of $32.71. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. APA has a 1-year low of $17.86 and a 1-year high of $45.66. The company has a market cap of $11.66 billion, a price-to-earnings ratio of 7.68 and a beta of 0.34.

APA (NASDAQ:APA) last announced its earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.27. APA had a return on equity of 20.70% and a net margin of 17.38%.The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company posted $1.06 earnings per share. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year. On average, analysts anticipate that APA will post 5.6 earnings per share for the current year.

Insider Activity at APA

In other APA news, VP Mark D. Maddox sold 9,800 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president owned 66,810 shares in the company, valued at approximately $2,675,072.40. The trade was a 12.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On APA

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management boosted its holdings in APA by 520.8% during the first quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC bought a new stake in shares of APA in the 1st quarter valued at about $28,000. Global Assets Advisory LLC acquired a new stake in shares of APA in the 1st quarter valued at approximately $44,000. Altshuler Shaham Ltd raised its position in shares of APA by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 1,229 shares of the company’s stock valued at $52,000 after acquiring an additional 330 shares during the period. Finally, Summit Securities Group LLC boosted its stake in APA by 115.1% during the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock worth $32,000 after acquiring an additional 710 shares during the last quarter. Institutional investors own 83.01% of the company’s stock.

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.