Redwood Investment Management LLC Lowers Position in APA Corporation $APA

Redwood Investment Management LLC cut its stake in shares of APA Corporation (NASDAQ:APA) by 64.5% during the 1st quarter, Holdings Channel.com reports. The fund owned 26,416 shares of the company’s stock after selling 47,930 shares during the period. Redwood Investment Management LLC’s holdings in APA were worth $1,121,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management grew its stake in shares of APA by 520.8% in the 1st quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares in the last quarter. Cedar Mountain Advisors LLC purchased a new stake in shares of APA in the first quarter valued at about $28,000. Summit Securities Group LLC lifted its position in shares of APA by 115.1% during the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock valued at $32,000 after purchasing an additional 710 shares in the last quarter. Camelot Portfolios LLC bought a new position in shares of APA during the fourth quarter valued at about $37,000. Finally, Global Assets Advisory LLC purchased a new position in APA during the first quarter worth about $44,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

APA Price Performance

Shares of NASDAQ:APA opened at $37.32 on Monday. The company has a market capitalization of $13.19 billion, a P/E ratio of 8.70 and a beta of 0.35. The company’s 50-day moving average is $35.21 and its 200 day moving average is $34.38. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.92 and a current ratio of 0.92. APA Corporation has a fifty-two week low of $17.86 and a fifty-two week high of $45.66.

APA (NASDAQ:APA) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.27. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.13 billion. APA had a net margin of 17.38% and a return on equity of 20.70%. The firm’s quarterly revenue was down 11.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.06 earnings per share. On average, equities research analysts forecast that APA Corporation will post 4.92 earnings per share for the current year.

APA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 22nd. APA’s dividend payout ratio is currently 23.31%.

Insider Buying and Selling at APA

In related news, VP Mark D. Maddox sold 9,800 shares of APA stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $40.04, for a total value of $392,392.00. Following the sale, the vice president owned 66,810 shares of the company’s stock, valued at approximately $2,675,072.40. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on APA shares. Citigroup reaffirmed a “neutral” rating on shares of APA in a research report on Tuesday, July 21st. Zacks Research cut shares of APA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Susquehanna cut their target price on APA from $47.00 to $45.00 and set a “positive” rating on the stock in a research note on Tuesday, July 21st. Jefferies Financial Group boosted their target price on APA from $26.00 to $36.00 and gave the stock a “hold” rating in a research note on Monday, April 13th. Finally, Royal Bank Of Canada upped their target price on APA from $29.00 to $45.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Eight investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $40.35.

About APA

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.