Evercore ISI Cuts APA (NASDAQ:APA) Price Target to $33.00

APA (NASDAQ:APA) had its price target cut by Evercore ISI from $39.00 to $33.00 in a report released on Monday, Benzinga reports. They currently have an in-line rating on the stock.

APA has been the subject of several other reports. JPMorgan Chase & Co. dropped their target price on shares of APA from $36.00 to $27.00 and set a neutral rating for the company in a research report on Thursday, September 12th. Wells Fargo & Company dropped their target price on shares of APA from $50.00 to $49.00 and set an overweight rating for the company in a research report on Wednesday, August 14th. Truist Financial dropped their target price on shares of APA from $46.00 to $34.00 and set a buy rating for the company in a research report on Monday. Susquehanna dropped their target price on shares of APA from $57.00 to $52.00 and set a positive rating for the company in a research report on Wednesday, September 4th. Finally, Scotiabank lowered their price objective on shares of APA from $37.00 to $30.00 and set a sector perform rating for the company in a report on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, APA has a consensus rating of Hold and a consensus target price of $35.19.

APA Price Performance

Shares of NASDAQ:APA opened at $26.53 on Monday. The company has a 50 day moving average of $27.24 and a 200 day moving average of $29.72. The stock has a market cap of $9.85 billion, a P/E ratio of 2.98 and a beta of 3.24. APA has a 12 month low of $22.72 and a 12 month high of $43.58. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

APA (NASDAQ:APA) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.17 EPS for the quarter, beating the consensus estimate of $0.95 by $0.22. APA had a net margin of 32.66% and a return on equity of 35.95%. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the company earned $0.85 earnings per share. APA’s revenue for the quarter was up 41.6% on a year-over-year basis. As a group, sell-side analysts forecast that APA will post 4.04 EPS for the current fiscal year.

APA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Tuesday, October 22nd. APA’s payout ratio is currently 11.19%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in APA. Sunpointe LLC grew its position in shares of APA by 2.8% in the 2nd quarter. Sunpointe LLC now owns 13,297 shares of the company’s stock worth $391,000 after buying an additional 362 shares during the period. GAMMA Investing LLC grew its position in shares of APA by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,558 shares of the company’s stock worth $105,000 after buying an additional 380 shares during the period. Citizens Financial Group Inc. RI grew its position in shares of APA by 6.7% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 6,860 shares of the company’s stock worth $202,000 after buying an additional 429 shares during the period. Stephens Inc. AR grew its position in shares of APA by 0.9% in the 4th quarter. Stephens Inc. AR now owns 49,475 shares of the company’s stock worth $1,775,000 after buying an additional 436 shares during the period. Finally, UMB Bank n.a. grew its position in shares of APA by 18.1% in the 1st quarter. UMB Bank n.a. now owns 2,865 shares of the company’s stock worth $98,000 after buying an additional 439 shares during the period. 83.01% of the stock is owned by hedge funds and other institutional investors.

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.