APA (NASDAQ:APA) Stock Price Down 7.9% Following Weak Earnings

Shares of APA Co. (NASDAQ:APA) fell 7.9% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $20.41 and last traded at $20.28. 6,272,234 shares changed hands during mid-day 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 for the quarter, missing the consensus estimate of $0.97 by ($0.18). The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.31 billion. APA had a net margin of 24.36% and a return on equity of 27.86%.

APA Dividend Announcement

The business 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 dividend of $0.25 per share. 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 payout ratio is 14.12%.

Wall Street Analyst Weigh In

APA has been the subject of a number of recent research reports. Citigroup lowered 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. Piper Sandler reduced their target price on shares of APA from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Truist Financial cut their price target on APA from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Wells Fargo & Company lowered APA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $42.00 to $25.00 in a report on Tuesday, December 17th. Finally, The Goldman Sachs Group lowered their target price on shares of APA from $25.00 to $22.00 and set a “sell” rating on the stock in a research note on Friday, January 3rd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $30.65.

Insider Buying and Selling

In related news, Director Juliet S. Ellis bought 4,391 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was bought at an average price of $22.78 per share, with a total value of $100,026.98. Following the purchase, the director now directly owns 12,436 shares of the company’s stock, valued at approximately $283,292.08. This represents a 54.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Trading of APA

Several hedge funds and other institutional investors have recently modified their holdings of APA. Blue Trust Inc. grew its stake in shares of APA by 164.2% in the 3rd quarter. Blue Trust Inc. now owns 2,581 shares of the company’s stock valued at $63,000 after buying an additional 1,604 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of APA during the 3rd quarter worth $11,210,000. Nisa Investment Advisors LLC raised its holdings in shares of APA by 3.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 99,163 shares of the company’s stock valued at $2,426,000 after purchasing an additional 3,403 shares in the last quarter. abrdn plc lifted its stake in shares of APA by 48.6% in the 3rd quarter. abrdn plc now owns 72,994 shares of the company’s stock valued at $1,810,000 after purchasing an additional 23,881 shares during the last quarter. Finally, S.A. Mason LLC bought a new stake in APA in the third quarter worth $173,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Price Performance

The company’s 50-day simple moving average is $22.99 and its 200 day simple moving average is $24.13. The stock has a market capitalization of $7.49 billion, a price-to-earnings ratio of 2.86 and a beta of 3.15. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03.

APA Company Profile

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.