Royal Bank of Canada Reiterates Sector Perform Rating for APA (NASDAQ:APA)

APA (NASDAQ:APA)‘s stock had its “sector perform” rating restated by Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $41.00 price target on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 37.63% from the stock’s previous close.

A number of other research analysts have also weighed in on APA. Mizuho raised their price objective on shares of APA from $34.00 to $35.00 and gave the company an “underperform” rating in a research note on Tuesday, May 21st. Piper Sandler dropped their price target on shares of APA from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 14th. Roth Mkm raised their price target on shares of APA from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Barclays dropped their price target on shares of APA from $40.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Finally, Evercore ISI lowered shares of APA from an “outperform” rating to an “inline” rating and dropped their price target for the company from $52.00 to $39.00 in a research report on Friday, June 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $40.33.

APA Stock Up 3.5 %

Shares of NASDAQ APA opened at $29.79 on Wednesday. The firm has a market cap of $11.06 billion, a PE ratio of 3.33, a P/E/G ratio of 0.34 and a beta of 3.26. APA has a 12-month low of $27.17 and a 12-month high of $46.15. The company’s fifty day simple moving average is $29.43 and its 200 day simple moving average is $31.39. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.42.

APA (NASDAQ:APA) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). APA had a net margin of 34.04% and a return on equity of 45.32%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period last year, the business posted $1.19 earnings per share. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts forecast that APA will post 4.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. OLD National Bancorp IN purchased a new stake in APA during the 2nd quarter valued at about $3,759,000. U.S. Capital Wealth Advisors LLC grew its position in APA by 49.2% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 9,369 shares of the company’s stock valued at $276,000 after purchasing an additional 3,089 shares during the last quarter. Foundation Resource Management Inc. grew its position in APA by 1.1% during the 2nd quarter. Foundation Resource Management Inc. now owns 149,319 shares of the company’s stock valued at $4,396,000 after purchasing an additional 1,561 shares during the last quarter. CWM LLC grew its position in APA by 25.4% during the 2nd quarter. CWM LLC now owns 11,604 shares of the company’s stock valued at $342,000 after purchasing an additional 2,349 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in APA during the 2nd quarter valued at about $435,000. 83.01% of the stock is currently owned by institutional investors.

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.