APA (NASDAQ:APA) Given New $16.00 Price Target at Evercore ISI

APA (NASDAQ:APA) had its price objective cut by equities researchers at Evercore ISI from $21.00 to $16.00 in a note issued to investors on Tuesday,MarketScreener reports. Evercore ISI’s price objective would indicate a potential downside of 27.57% from the stock’s previous close.

A number of other equities research analysts have also commented on APA. Stephens dropped their price objective on shares of APA from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Friday, October 24th. Cfra Research raised APA to a “hold” rating in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of APA in a research report on Tuesday, October 14th. Mizuho increased their price objective on APA from $18.00 to $20.00 and gave the stock an “underperform” rating in a report on Thursday, October 16th. Finally, Wells Fargo & Company boosted their target price on APA from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, August 15th. Four equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.53.

APA Price Performance

Shares of APA opened at $22.09 on Tuesday. The stock has a 50 day simple moving average of $23.39 and a 200 day simple moving average of $20.26. APA has a 52-week low of $13.58 and a 52-week high of $25.83. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $7.90 billion, a PE ratio of 7.39, a P/E/G ratio of 6.28 and a beta of 1.16.

APA (NASDAQ:APA) last announced its earnings results on Wednesday, August 6th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.45 by $0.42. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.03 billion. APA had a net margin of 10.53% and a return on equity of 20.98%. The business’s quarterly revenue was down 14.4% on a year-over-year basis. During the same period last year, the company posted $1.17 EPS. Sell-side analysts predict that APA will post 4.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators increased its position in APA by 276.7% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after acquiring an additional 891 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of APA by 144.9% in the 2nd quarter. TD Private Client Wealth LLC now owns 1,866 shares of the company’s stock valued at $34,000 after purchasing an additional 1,104 shares in the last quarter. CVA Family Office LLC grew its position in APA by 6,096.7% in the second quarter. CVA Family Office LLC now owns 1,859 shares of the company’s stock valued at $34,000 after acquiring an additional 1,829 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of APA during the 3rd quarter valued at approximately $34,000. Finally, Spire Wealth Management increased its holdings in shares of APA by 179.6% during the third quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after buying an additional 977 shares in the last quarter. 83.01% of the stock is owned by institutional investors and hedge funds.

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.