Convergence Investment Partners LLC Makes New $1.47 Million Investment in APA Corporation $APA

Convergence Investment Partners LLC purchased a new stake in shares of APA Corporation (NASDAQ:APA) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 60,608 shares of the company’s stock, valued at approximately $1,472,000.

Several other hedge funds and other institutional investors have also modified their holdings of APA. Howard Capital Management Inc. grew its stake in shares of APA by 0.5% in the 3rd quarter. Howard Capital Management Inc. now owns 94,848 shares of the company’s stock valued at $2,303,000 after purchasing an additional 485 shares during the last quarter. one8zero8 LLC grew its stake in APA by 1.2% in the third quarter. one8zero8 LLC now owns 42,254 shares of the company’s stock worth $1,026,000 after purchasing an additional 488 shares in the last quarter. Arizona State Retirement System grew its position in shares of APA by 0.5% during the third quarter. Arizona State Retirement System now owns 106,734 shares of the company’s stock worth $2,592,000 after acquiring an additional 517 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in APA by 19.6% in the second quarter. Steward Partners Investment Advisory LLC now owns 3,349 shares of the company’s stock worth $61,000 after purchasing an additional 550 shares during the period. Finally, Wealthfront Advisers LLC boosted its position in shares of APA by 0.6% in the 2nd quarter. Wealthfront Advisers LLC now owns 104,858 shares of the company’s stock valued at $1,918,000 after purchasing an additional 612 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Price Performance

Shares of APA opened at $26.41 on Monday. The company has a market capitalization of $9.37 billion, a P/E ratio of 6.35, a P/E/G ratio of 13.53 and a beta of 0.74. APA Corporation has a fifty-two week low of $13.58 and a fifty-two week high of $27.72. The business’s 50-day moving average is $25.25 and its two-hundred day moving average is $23.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.78 and a current ratio of 0.78.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, November 5th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.19. APA had a return on equity of 19.86% and a net margin of 15.49%.The company had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the firm earned $1.00 earnings per share. The firm’s quarterly revenue was down 16.4% compared to the same quarter last year. Research analysts predict that APA Corporation will post 4.03 earnings per share for the current year.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 23rd. Shareholders of record on Thursday, January 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 3.8%. The ex-dividend date is Thursday, January 22nd. APA’s payout ratio is currently 24.04%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on APA. Capital One Financial reduced their target price on shares of APA from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Friday, January 9th. BMO Capital Markets boosted their price objective on shares of APA from $28.00 to $30.00 and gave the company a “market perform” rating in a research report on Monday, October 13th. William Blair began coverage on shares of APA in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $32.00 price target for the company. Evercore ISI reduced their target price on shares of APA from $21.00 to $16.00 in a research report on Tuesday, November 4th. Finally, Stephens raised their price objective on shares of APA from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Six analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $26.35.

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.