APA (NASDAQ:APA) Shares Down 7.9% Following Weak Earnings

APA Co. (NASDAQ:APA)’s share price fell 7.9% during mid-day trading on Thursday following a dissappointing earnings announcement. 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 company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.31 billion. APA had a net margin of 24.36% and a return on equity of 27.86%.

APA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Tuesday, April 22nd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Tuesday, April 22nd. APA’s dividend payout ratio is currently 14.12%.

Analysts Set New Price Targets

Several research firms have weighed in on APA. Royal Bank of Canada restated a “sector perform” rating and set a $32.00 target price on shares of APA in a report on Thursday, January 23rd. Raymond James raised their price target on APA from $44.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, January 23rd. The Goldman Sachs Group reduced their price objective on APA from $25.00 to $22.00 and set a “sell” rating on the stock in a research report on Friday, January 3rd. Citigroup dropped their price objective on APA from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Finally, Mizuho reduced their target price on shares of APA from $25.00 to $24.00 and set an “underperform” rating on the stock in a report on Monday, December 16th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, APA currently has an average rating of “Hold” and a consensus price target of $30.65.

Insider Activity at APA

In related news, Director Juliet S. Ellis purchased 4,391 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was purchased at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the acquisition, the director now owns 12,436 shares in the company, valued at approximately $283,292.08. This trade represents a 54.58 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On APA

A number of large investors have recently added to or reduced their stakes in APA. Brown Brothers Harriman & Co. lifted its stake in shares of APA by 1,087.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company’s stock worth $27,000 after acquiring an additional 1,077 shares in the last quarter. TD Private Client Wealth LLC increased its stake in shares of APA by 84.1% in the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock worth $29,000 after buying an additional 540 shares during the last quarter. Riverview Trust Co raised its holdings in APA by 5,718.2% in the fourth quarter. Riverview Trust Co now owns 1,280 shares of the company’s stock valued at $30,000 after acquiring an additional 1,258 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in APA by 77.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company’s stock valued at $31,000 after acquiring an additional 586 shares during the last quarter. Finally, Runnymede Capital Advisors Inc. acquired a new position in APA during the 4th quarter worth $35,000. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Price Performance

The company has a market cap of $7.49 billion, a P/E ratio of 2.86 and a beta of 3.15. The company’s 50-day moving average price is $22.99 and its two-hundred day moving average price is $24.13. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03.

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.