Sterling Capital Management LLC Sells 26,591 Shares of APA Corporation $APA

Sterling Capital Management LLC lessened its stake in shares of APA Corporation (NASDAQ:APA) by 57.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,299 shares of the company’s stock after selling 26,591 shares during the period. Sterling Capital Management LLC’s holdings in APA were worth $802,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Hollencrest Capital Management raised its position in APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares during the period. Cedar Mountain Advisors LLC purchased a new position in APA in the first quarter valued at about $28,000. MidFirst Bank purchased a new position in APA in the second quarter valued at about $33,000. Compass Financial Management LLC bought a new position in shares of APA during the 2nd quarter valued at approximately $33,000. Finally, Gables Capital Management Inc. bought a new position in shares of APA during the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Price Performance

Shares of APA opened at $50.79 on Wednesday. APA Corporation has a 52-week low of $21.63 and a 52-week high of $52.39. The stock’s 50-day simple moving average is $45.05 and its 200 day simple moving average is $37.18.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.01). The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the previous year, the firm earned $0.87 earnings per share. Sell-side analysts anticipate that APA Corporation will post 6.27 earnings per share for the current year.

APA declared that its board has authorized a stock repurchase program on Wednesday, September 16th that permits the company to buy back 40,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Share repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

APA Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Thursday, October 22nd will be paid a $0.25 dividend. The ex-dividend date is Thursday, October 22nd. This represents a $1.00 annualized dividend and a yield of 2.0%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on APA shares. Susquehanna raised their price target on shares of APA from $47.00 to $58.00 and gave the stock a “positive” rating in a research note on Tuesday, October 20th. Jefferies Financial Group reiterated a “hold” rating and issued a $41.00 price objective on shares of APA in a research note on Sunday, October 11th. Seaport Research Partners initiated coverage on APA in a research note on Thursday, September 3rd. They issued a “neutral” rating on the stock. Barclays reduced their price objective on APA from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Finally, UBS Group raised their target price on APA from $47.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $44.76.

APA Profile

APA Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. The company’s activities include identifying hydrocarbon resources, drilling and completing wells, operating producing properties, and managing related infrastructure.

APA’s principal producing areas include the Permian Basin in the United States and Egypt’s Western Desert, where it operates through joint ventures with the Egyptian General Petroleum Corporation.