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

APA Co. (NASDAQ:APA)’s stock price dropped 7.9% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $20.41 and last traded at $20.28. Approximately 6,272,234 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 6,517,342 shares. The stock had previously closed at $22.01.

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

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 annualized dividend and a yield of 4.83%. The ex-dividend date of this dividend is Tuesday, April 22nd. APA’s dividend payout ratio is presently 14.12%.

Analysts Set New Price Targets

Several research firms have commented on APA. Citigroup reduced their price objective on APA from $29.00 to $24.00 and set a “neutral” rating for the company in a research note on Tuesday, November 26th. UBS Group reduced their price objective on APA from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. The Goldman Sachs Group cut their target price on APA from $25.00 to $22.00 and set a “sell” rating for the company in a research note on Friday, January 3rd. Raymond James increased their target price on APA from $44.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. Finally, Mizuho cut their target price on APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, APA currently has a consensus rating of “Hold” and a consensus target price of $30.65.

Insider Activity at APA

In related news, Director Juliet S. Ellis bought 4,391 shares of the stock in a transaction on Thursday, December 12th. The shares were purchased at an average price 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 $283,292.08. This represents a 54.58 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On APA

A number of large investors have recently bought and sold shares of the stock. ProShare Advisors LLC grew its holdings in APA by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 113,913 shares of the company’s stock valued at $2,630,000 after buying an additional 449 shares during the last quarter. Van ECK Associates Corp grew its holdings in APA by 0.6% during the 4th quarter. Van ECK Associates Corp now owns 77,110 shares of the company’s stock valued at $1,780,000 after buying an additional 469 shares during the last quarter. Empirical Finance LLC grew its holdings in APA by 1.6% during the 3rd quarter. Empirical Finance LLC now owns 31,272 shares of the company’s stock valued at $765,000 after buying an additional 497 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in APA by 1.1% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 46,063 shares of the company’s stock valued at $1,018,000 after buying an additional 517 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in shares of APA by 84.1% during the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock worth $29,000 after purchasing an additional 540 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.

APA Stock Up 1.4 %

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

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.