Apache Corporation (APA) Reaches New 12-Month Low on Analyst Downgrade
Apache Corporation (NYSE:APA)’s share price reached a new 52-week low on Wednesday after Citigroup lowered their price target on the stock from $50.00 to $45.00. Citigroup currently has a neutral rating on the stock. Apache Corporation traded as low as $40.71 and last traded at $40.79, with a volume of 1,835,324 shares. The stock had previously closed at $41.54.
Other analysts have also issued reports about the company. Scotiabank set a $52.00 target price on Apache Corporation and gave the stock a “hold” rating in a research report on Friday, August 11th. BidaskClub downgraded Apache Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. BMO Capital Markets set a $45.00 target price on Apache Corporation and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $48.00 price target (down previously from $55.00) on shares of Apache Corporation in a report on Saturday, July 22nd. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $55.00 price target on shares of Apache Corporation in a report on Thursday, July 20th. Eight analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $56.26.
In related news, Director George D. Lawrence acquired 900 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average cost of $42.49 per share, for a total transaction of $38,241.00. Following the completion of the acquisition, the director now directly owns 38,445 shares in the company, valued at approximately $1,633,528.05. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Lowe acquired 2,500 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were bought at an average price of $44.90 per share, for a total transaction of $112,250.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $449,000. The disclosure for this purchase can be found here. Company insiders own 0.48% of the company’s stock.
Several large investors have recently modified their holdings of APA. Macquarie Group Ltd. raised its stake in shares of Apache Corporation by 13.5% in the fourth quarter. Macquarie Group Ltd. now owns 11,800 shares of the energy company’s stock valued at $749,000 after buying an additional 1,400 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Apache Corporation during the first quarter valued at about $457,000. Pinnacle Bank acquired a new stake in shares of Apache Corporation during the first quarter valued at about $100,000. Beese Fulmer Investment Management Inc. raised its stake in shares of Apache Corporation by 1.7% in the first quarter. Beese Fulmer Investment Management Inc. now owns 5,993 shares of the energy company’s stock valued at $308,000 after buying an additional 100 shares during the last quarter. Finally, Reliance Trust Co. of Delaware raised its stake in shares of Apache Corporation by 141.3% in the first quarter. Reliance Trust Co. of Delaware now owns 9,764 shares of the energy company’s stock valued at $502,000 after buying an additional 5,717 shares during the last quarter. Institutional investors and hedge funds own 93.72% of the company’s stock.
The firm’s market cap is $15.52 billion. The stock’s 50 day moving average is $46.88 and its 200 day moving average is $50.11.
Apache Corporation (NYSE:APA) last released its quarterly earnings data on Thursday, August 3rd. The energy company reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by $0.22. Apache Corporation had a negative return on equity of 1.03% and a negative net margin of 0.07%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the company posted ($0.26) EPS. The business’s quarterly revenue was up .1% on a year-over-year basis. Equities research analysts anticipate that Apache Corporation will post $0.12 earnings per share for the current fiscal year.
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Apache Corporation Company Profile
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. It has production in four segments: the United States, Canada, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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