APA (NASDAQ:APA) Lifted to Buy at Johnson Rice

Johnson Rice upgraded shares of APA (NASDAQ:APA) from an accumulate rating to a buy rating in a research note published on Tuesday morning, Price Targets.com reports. Johnson Rice currently has $38.00 target price on the stock, up from their prior target price of $30.00.

Several other research analysts have also issued reports on the company. Susquehanna upgraded APA from a neutral rating to a positive rating in a research report on Monday, April 19th. Mizuho lifted their target price on APA from $21.00 to $26.00 and gave the stock a neutral rating in a report on Monday, May 17th. Barclays lowered APA from an overweight rating to an equal weight rating and lifted their target price for the stock from $20.00 to $25.00 in a report on Thursday, June 3rd. Sanford C. Bernstein reiterated a market perform rating and set a $20.00 target price on shares of APA in a report on Monday, March 8th. Finally, KeyCorp lifted their target price on APA from $25.00 to $26.00 and gave the stock an overweight rating in a report on Thursday, June 3rd. Twelve analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $20.89.

NASDAQ:APA opened at $22.68 on Tuesday. APA has a 12-month low of $7.45 and a 12-month high of $24.30. The company has a market cap of $8.57 billion, a price-to-earnings ratio of -377.94, a P/E/G ratio of 0.31 and a beta of 4.93. The business has a fifty day moving average of $20.17.

APA (NASDAQ:APA) last posted its quarterly earnings results on Tuesday, May 4th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.17. APA had a negative return on equity of 48.58% and a negative net margin of 0.06%. Equities analysts predict that APA will post 2.22 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 23rd. Investors of record on Thursday, July 22nd will be given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, July 21st. APA’s dividend payout ratio is currently -9.26%.

In related news, CFO Stephen J. Riney sold 35,000 shares of APA stock in a transaction dated Thursday, March 18th. The stock was sold at an average price of $19.38, for a total value of $678,300.00. Following the sale, the chief financial officer now owns 106,268 shares of the company’s stock, valued at $2,059,473.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the stock. Contravisory Investment Management Inc. acquired a new position in APA during the first quarter worth approximately $25,000. Mcmillion Capital Management Inc. acquired a new position in APA during the fourth quarter worth approximately $28,000. Daiwa Securities Group Inc. increased its position in APA by 57.2% during the first quarter. Daiwa Securities Group Inc. now owns 2,187 shares of the company’s stock worth $39,000 after buying an additional 796 shares during the last quarter. Inspire Advisors LLC acquired a new position in APA during the fourth quarter worth approximately $40,000. Finally, Prestige Wealth Management Group LLC increased its position in APA by 3,220.8% during the first quarter. Prestige Wealth Management Group LLC now owns 2,557 shares of the company’s stock worth $45,000 after buying an additional 2,480 shares during the last quarter. 83.11% of the stock is currently owned by institutional investors and hedge funds.

About APA

APA Corporation, through its subsidiaries, explores for and produces oil and gas properties. It has operations in the United States, Egypt, and the United Kingdom, as well as has exploration activities offshore Suriname. It also operates gathering, processing, and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.

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