APA (NASDAQ:APA) Shares Down 7.9% on Disappointing Earnings

APA Co. (NASDAQ:APA)’s share price fell 7.9% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.41 and last traded at $20.28. 6,272,234 shares traded hands during trading, a decline of 4% from the average session volume of 6,517,342 shares. The stock had previously closed at $22.01.

The company reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.31 billion. APA had a return on equity of 27.86% and a net margin of 24.36%.

APA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Tuesday, April 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Tuesday, April 22nd. APA’s dividend payout ratio (DPR) is currently 14.12%.

Analysts Set New Price Targets

A number of research firms have weighed in on APA. Royal Bank of Canada reissued a “sector perform” rating and set a $32.00 price objective on shares of APA in a research note on Thursday, January 23rd. Truist Financial lowered their price objective on APA from $36.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Piper Sandler lowered their price objective on APA from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 17th. Raymond James lifted their target price on APA from $44.00 to $45.00 and gave the company a “strong-buy” rating in a research report on Thursday, January 23rd. Finally, The Goldman Sachs Group reduced their target price on APA from $25.00 to $22.00 and set a “sell” rating on the stock in a research report on Friday, January 3rd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.65.

Insiders Place Their Bets

In other APA news, Director Juliet S. Ellis acquired 4,391 shares of the stock in a transaction dated Thursday, December 12th. The stock was acquired at an average cost 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 $283,292.08. The trade was a 54.58 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in APA. Blue Trust Inc. boosted its position in shares of APA by 164.2% during the 3rd quarter. Blue Trust Inc. now owns 2,581 shares of the company’s stock worth $63,000 after acquiring an additional 1,604 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of APA in the 3rd quarter valued at about $11,210,000. Nisa Investment Advisors LLC boosted its position in shares of APA by 3.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 99,163 shares of the company’s stock valued at $2,426,000 after purchasing an additional 3,403 shares during the period. abrdn plc boosted its position in shares of APA by 48.6% in the 3rd quarter. abrdn plc now owns 72,994 shares of the company’s stock valued at $1,810,000 after purchasing an additional 23,881 shares during the period. Finally, S.A. Mason LLC acquired a new stake in shares of APA in the 3rd quarter valued at about $173,000. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Trading Up 1.4 %

The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 2.91 and a beta of 3.15. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.24 and a current ratio of 1.24. The business has a 50-day moving average of $22.99 and a 200-day moving average of $24.10.

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.