Zacks Research Weighs in on APA Co.’s Q1 2024 Earnings (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Equities researchers at Zacks Research lifted their Q1 2024 EPS estimates for APA in a note issued to investors on Monday, April 22nd. Zacks Research analyst N. Choudhury now expects that the company will post earnings per share of $0.75 for the quarter, up from their previous forecast of $0.73. The consensus estimate for APA’s current full-year earnings is $4.85 per share. Zacks Research also issued estimates for APA’s Q2 2024 earnings at $0.97 EPS, Q3 2024 earnings at $0.80 EPS, Q4 2024 earnings at $1.05 EPS and FY2024 earnings at $3.57 EPS.

APA (NASDAQ:APA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported $1.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.18). The company had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.07 billion. APA had a net margin of 34.95% and a return on equity of 62.64%. The business’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.48 earnings per share.

APA has been the topic of several other reports. Truist Financial decreased their price target on shares of APA from $59.00 to $53.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Scotiabank reissued a “sector perform” rating and issued a $37.00 price target (down from $43.00) on shares of APA in a research note on Tuesday, January 16th. The Goldman Sachs Group decreased their price target on shares of APA from $35.00 to $31.00 and set a “sell” rating on the stock in a research note on Tuesday, March 26th. Susquehanna raised their price target on shares of APA from $50.00 to $54.00 and gave the stock a “positive” rating in a research note on Monday. Finally, Barclays assumed coverage on shares of APA in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $40.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, APA has an average rating of “Hold” and a consensus price target of $42.10.

APA Stock Performance

APA opened at $32.06 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.41. The company has a market cap of $9.65 billion, a price-to-earnings ratio of 3.45 and a beta of 3.27. APA has a 52-week low of $29.47 and a 52-week high of $46.15. The firm’s fifty day simple moving average is $32.46 and its two-hundred day simple moving average is $34.53.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. HB Wealth Management LLC purchased a new position in APA in the third quarter worth approximately $256,000. Ferguson Wellman Capital Management Inc. lifted its stake in APA by 3.2% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 1,237,787 shares of the company’s stock worth $44,412,000 after acquiring an additional 38,505 shares during the last quarter. AustralianSuper Pty Ltd lifted its stake in APA by 14.3% in the fourth quarter. AustralianSuper Pty Ltd now owns 726,126 shares of the company’s stock worth $26,053,000 after acquiring an additional 90,610 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in APA by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,531,313 shares of the company’s stock worth $104,037,000 after acquiring an additional 24,182 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in APA in the fourth quarter worth approximately $11,050,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Monday, April 22nd will be paid a $0.25 dividend. The ex-dividend date is Friday, April 19th. This represents a $1.00 dividend on an annualized basis and a yield of 3.12%. APA’s dividend payout ratio is currently 10.78%.

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.