APA (NASDAQ:APA) Cut to “Neutral” at Roth Capital

APA (NASDAQ:APA) was downgraded by analysts at Roth Capital from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $22.00 target price on the stock. Roth Capital’s price target points to a potential upside of 7.37% from the company’s current price.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on APA from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Wells Fargo & Company cut their price objective on APA from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, July 18th. UBS Group reiterated a “neutral” rating and set a $19.00 price objective (up from $18.00) on shares of APA in a research note on Monday, July 14th. Stephens began coverage on APA in a research note on Tuesday, August 5th. They set an “equal weight” rating and a $24.00 price objective for the company. Finally, Scotiabank reiterated a “sector perform” rating and set a $22.00 price objective (up from $14.00) on shares of APA in a research note on Friday, July 11th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.56.

APA Trading Down 0.3%

APA stock opened at $20.49 on Wednesday. The business has a 50-day simple moving average of $19.36 and a two-hundred day simple moving average of $19.02. The company has a market cap of $7.33 billion, a P/E ratio of 6.85, a P/E/G ratio of 6.24 and a beta of 1.23. APA has a 52-week low of $13.58 and a 52-week high of $29.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.62.

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

Hedge Funds Weigh In On APA

Hedge funds and other institutional investors have recently made changes to their positions in the company. Golden State Wealth Management LLC grew its position in shares of APA by 2,709.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,433 shares of the company’s stock worth $30,000 after buying an additional 1,382 shares in the last quarter. Rakuten Securities Inc. boosted its position in APA by 499.2% during the first quarter. Rakuten Securities Inc. now owns 1,546 shares of the company’s stock valued at $32,000 after purchasing an additional 1,288 shares in the last quarter. TD Private Client Wealth LLC boosted its position in APA by 144.9% during the second 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 boosted its position in APA by 6,096.7% during the second quarter. CVA Family Office LLC now owns 1,859 shares of the company’s stock valued at $34,000 after purchasing an additional 1,829 shares in the last quarter. Finally, MAI Capital Management boosted its position in APA by 76.5% during the second quarter. MAI Capital Management now owns 2,134 shares of the company’s stock valued at $39,000 after purchasing an additional 925 shares in the last quarter. 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.