APA (NASDAQ:APA) Price Target Cut to $49.00

APA (NASDAQ:APA) had its target price decreased by Wells Fargo & Company from $50.00 to $49.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 69.43% from the company’s current price.

Several other analysts have also weighed in on APA. Truist Financial lifted their price objective on APA from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. StockNews.com lowered APA from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Mizuho lifted their price objective on APA from $34.00 to $35.00 and gave the stock an “underperform” rating in a report on Tuesday, May 21st. Evercore ISI lowered APA from an “outperform” rating to an “inline” rating and decreased their price objective for the stock from $52.00 to $39.00 in a report on Friday, June 14th. Finally, Susquehanna lifted their price objective on APA from $54.00 to $57.00 and gave the stock a “positive” rating in a report on Tuesday, May 7th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $38.50.

APA Stock Performance

APA opened at $28.92 on Wednesday. The firm has a market capitalization of $10.73 billion, a P/E ratio of 3.23 and a beta of 3.26. The stock’s 50 day moving average price is $29.48 and its two-hundred day moving average price is $30.82. The company has a quick ratio of 1.16, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. APA has a 12-month low of $26.81 and a 12-month high of $46.15.

APA (NASDAQ:APA) last released its earnings results on Wednesday, July 31st. The company reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.22. APA had a return on equity of 35.95% and a net margin of 32.66%. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the firm posted $0.85 EPS. The company’s revenue was up 41.6% on a year-over-year basis. On average, equities analysts forecast that APA will post 4.17 earnings per share for the current year.

Hedge Funds Weigh In On APA

Several institutional investors have recently bought and sold shares of APA. American National Bank raised its position in APA by 208.5% in the 1st quarter. American National Bank now owns 725 shares of the company’s stock valued at $25,000 after purchasing an additional 490 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of APA during the fourth quarter worth $34,000. Covestor Ltd raised its position in shares of APA by 75.4% during the first quarter. Covestor Ltd now owns 1,093 shares of the company’s stock worth $38,000 after acquiring an additional 470 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of APA during the fourth quarter worth $39,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of APA by 386.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,358 shares of the company’s stock worth $40,000 after acquiring an additional 1,079 shares during the last quarter. Institutional investors own 83.01% of the company’s stock.

APA Company Profile

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.