Mizuho Forecasts Strong Price Appreciation for APA (NASDAQ:APA) Stock

APA (NASDAQ:APA) had its price target increased by equities research analysts at Mizuho from $24.00 to $29.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Mizuho’s target price points to a potential downside of 19.19% from the company’s current price.

Several other research firms have also recently commented on APA. Piper Sandler upped their target price on shares of APA from $30.00 to $37.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Johnson Rice raised APA from a “hold” rating to an “accumulate” rating and lifted their price target for the company from $35.00 to $40.00 in a report on Thursday, December 4th. Zacks Research raised APA from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. William Blair began coverage on APA in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $32.00 target price on the stock. Finally, BMO Capital Markets lifted their target price on APA from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Tuesday, March 3rd. Seven investment analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $30.16.

APA Stock Performance

APA traded up $1.35 during trading on Tuesday, reaching $35.89. 3,313,501 shares of the company were exchanged, compared to its average volume of 7,210,344. APA has a 52 week low of $13.58 and a 52 week high of $36.00. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $28.08 and a 200 day moving average of $25.47. The stock has a market cap of $12.68 billion, a P/E ratio of 8.99, a PEG ratio of 17.00 and a beta of 0.67.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.29. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.89 billion. APA had a return on equity of 19.89% and a net margin of 15.55%.The firm’s quarterly revenue was down 26.6% compared to the same quarter last year. During the same period last year, the business posted $0.79 earnings per share. On average, sell-side analysts forecast that APA will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Deseret Mutual Benefit Administrators raised its position in shares of APA by 276.7% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock valued at $29,000 after buying an additional 891 shares in the last quarter. Summit Securities Group LLC increased 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 period. Atlantic Union Bankshares Corp acquired a new position in APA in the 3rd quarter valued at $34,000. Camelot Portfolios LLC bought a new stake in shares of APA during the 4th quarter valued at $37,000. Finally, Spire Wealth Management lifted its position in shares of APA by 179.6% during the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock valued at $37,000 after acquiring an additional 977 shares during the period. 83.01% of the stock is owned by institutional investors.

APA Company Profile

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.