APA (NASDAQ:APA) Trading 4.1% Higher After Analyst Upgrade

APA Co. (NASDAQ:APA)’s share price was up 4.1% during mid-day trading on Thursday after Raymond James raised their price target on the stock from $44.00 to $45.00. Raymond James currently has a strong-buy rating on the stock. APA traded as high as $24.28 and last traded at $24.32. Approximately 691,970 shares were traded during trading, a decline of 88% from the average daily volume of 5,946,523 shares. The stock had previously closed at $23.36.

Several other brokerages also recently issued reports on APA. Evercore ISI decreased their price target on APA from $39.00 to $33.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Mizuho reduced their price objective on shares of APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research report on Monday, December 16th. Wells Fargo & Company lowered shares of APA from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $42.00 to $25.00 in a research report on Tuesday, December 17th. Truist Financial lowered their price objective on shares of APA from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, The Goldman Sachs Group decreased their price target on shares of APA from $25.00 to $22.00 and set a “sell” rating for the company in a research note on Friday, January 3rd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.65.

Insider Activity at APA

In related news, Director Juliet S. Ellis bought 4,391 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were bought at an average price of $22.78 per share, with a total value of $100,026.98. Following the transaction, the director now owns 12,436 shares in the company, valued at approximately $283,292.08. This trade represents a 54.58 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On APA

Institutional investors and hedge funds have recently modified their holdings of the business. Harris Associates L P grew its holdings in shares of APA by 20.8% during the third quarter. Harris Associates L P now owns 24,914,700 shares of the company’s stock worth $609,414,000 after buying an additional 4,293,932 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of APA by 12.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 30,471,834 shares of the company’s stock worth $745,341,000 after purchasing an additional 3,411,270 shares during the last quarter. Mizuho Securities USA LLC raised its stake in shares of APA by 3,450.8% in the 3rd quarter. Mizuho Securities USA LLC now owns 985,907 shares of the company’s stock valued at $24,115,000 after acquiring an additional 958,141 shares during the period. AQR Capital Management LLC lifted its holdings in shares of APA by 112.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,448,935 shares of the company’s stock worth $42,092,000 after acquiring an additional 767,557 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of APA by 17.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,102,659 shares of the company’s stock worth $100,351,000 after purchasing an additional 600,612 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Price Performance

The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03. The company’s fifty day moving average is $22.73 and its two-hundred day moving average is $25.40. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 3.33 and a beta of 3.16.

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Wednesday, January 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, January 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.24%. APA’s payout ratio is 14.12%.

About APA

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.