Scotiabank Has Lowered Expectations for APA (NASDAQ:APA) Stock Price

APA (NASDAQ:APA) had its price objective cut by stock analysts at Scotiabank from $26.00 to $14.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price points to a potential downside of 6.91% from the company’s current price.

Several other equities analysts also recently commented on the stock. Piper Sandler cut their price target on shares of APA from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, December 17th. Raymond James cut APA from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $45.00 to $32.00 in a research note on Monday, March 10th. Barclays reduced their price target on APA from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 18th. The Goldman Sachs Group restated a “sell” rating and set a $23.00 price objective on shares of APA in a report on Wednesday, March 19th. Finally, Citigroup reduced their target price on APA from $24.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.58.

APA Price Performance

NASDAQ:APA opened at $15.04 on Friday. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 2.12 and a beta of 2.74. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day simple moving average of $20.09 and a 200-day simple moving average of $22.27. APA has a 1 year low of $13.58 and a 1 year high of $35.25.

APA (NASDAQ:APA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.79 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). APA had a return on equity of 27.86% and a net margin of 24.36%. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.31 billion. Equities analysts forecast that APA will post 4.03 EPS for the current year.

Institutional Trading of APA

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in shares of APA by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 9,507,956 shares of the company’s stock worth $219,016,000 after acquiring an additional 200,770 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in APA by 22.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 65,071 shares of the company’s stock valued at $1,503,000 after purchasing an additional 12,077 shares during the last quarter. US Bancorp DE raised its holdings in APA by 2.2% in the fourth quarter. US Bancorp DE now owns 47,719 shares of the company’s stock worth $1,102,000 after purchasing an additional 1,010 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its position in shares of APA by 175.8% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 23,500 shares of the company’s stock valued at $543,000 after buying an additional 14,980 shares during the last quarter. Finally, PVG Asset Management Corp bought a new stake in shares of APA in the 3rd quarter valued at about $757,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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.