APA’s (APA) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of APA (NASDAQ:APA) in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has a $41.00 target price on the stock.

Several other equities analysts also recently commented on the stock. Bank of America reaffirmed an underperform rating and set a $31.00 price objective on shares of APA in a research note on Friday, June 14th. Truist Financial increased their price target on shares of APA from $45.00 to $46.00 and gave the stock a buy rating in a research note on Friday, August 2nd. UBS Group decreased their price target on shares of APA from $38.00 to $35.00 and set a neutral rating for the company in a research note on Tuesday, August 6th. Citigroup decreased their price target on shares of APA from $33.00 to $32.00 and set a neutral rating for the company in a research note on Monday, September 9th. Finally, Scotiabank decreased their price target on shares of APA from $37.00 to $30.00 and set a sector perform rating for the company in a research note on Friday, July 12th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $36.67.

APA Stock Performance

Shares of NASDAQ:APA opened at $25.25 on Tuesday. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 2.82 and a beta of 3.24. The company has a 50-day moving average price of $28.62 and a 200-day moving average price of $30.23. 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 has a 12 month low of $22.72 and a 12 month high of $43.58.

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. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.28 billion. APA had a net margin of 32.66% and a return on equity of 35.95%. The company’s quarterly revenue was up 41.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.85 earnings per share. As a group, equities analysts anticipate that APA will post 4.34 EPS for the current year.

Institutional Investors Weigh In On APA

A number of institutional investors have recently made changes to their positions in the company. Sunpointe LLC grew its holdings in shares of APA by 2.8% during the second quarter. Sunpointe LLC now owns 13,297 shares of the company’s stock valued at $391,000 after buying an additional 362 shares during the last quarter. GAMMA Investing LLC boosted its holdings in APA by 12.0% in the second quarter. GAMMA Investing LLC now owns 3,558 shares of the company’s stock worth $105,000 after purchasing an additional 380 shares during the last quarter. Citizens Financial Group Inc. RI boosted its holdings in APA by 6.7% in the second quarter. Citizens Financial Group Inc. RI now owns 6,860 shares of the company’s stock worth $202,000 after purchasing an additional 429 shares during the last quarter. Stephens Inc. AR boosted its holdings in APA by 0.9% in the fourth quarter. Stephens Inc. AR now owns 49,475 shares of the company’s stock worth $1,775,000 after purchasing an additional 436 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in APA by 18.1% in the first quarter. UMB Bank n.a. now owns 2,865 shares of the company’s stock worth $98,000 after purchasing an additional 439 shares during the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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.