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

APA Co. (NASDAQ:APA)’s share price was down 7.9% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $20.41 and last traded at $20.28. Approximately 6,272,234 shares were traded during 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.31 billion. APA had a return on equity of 27.86% and a net margin of 24.36%.

APA Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Tuesday, April 22nd. APA’s dividend payout ratio is 44.25%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Mizuho cut their price target on shares of APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research note on Monday, December 16th. Raymond James raised their price target on shares of APA from $44.00 to $45.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. Wells Fargo & Company cut shares of APA from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $42.00 to $25.00 in a research note on Tuesday, December 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $32.00 target price on shares of APA in a research note on Thursday, January 23rd. Finally, The Goldman Sachs Group cut their target price on shares of APA from $25.00 to $22.00 and set a “sell” rating for the company in a research note on Friday, January 3rd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.65.

Insiders Place Their Bets

In other APA news, Director Juliet S. Ellis bought 4,391 shares of the stock in a transaction on Thursday, December 12th. The stock was purchased at an average price of $22.78 per share, with a total value of $100,026.98. Following the acquisition, the director now owns 12,436 shares of the company’s stock, valued at approximately $283,292.08. The trade was a 54.58 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Trading of APA

A number of institutional investors have recently bought and sold shares of APA. Brown Brothers Harriman & Co. grew its holdings in APA by 1,087.9% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,176 shares of the company’s stock worth $27,000 after acquiring an additional 1,077 shares during the period. TD Private Client Wealth LLC grew its holdings in shares of APA by 84.1% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock valued at $29,000 after buying an additional 540 shares during the period. Riverview Trust Co grew its holdings in shares of APA by 5,718.2% in the 4th quarter. Riverview Trust Co now owns 1,280 shares of the company’s stock valued at $30,000 after buying an additional 1,258 shares during the period. Wilmington Savings Fund Society FSB grew its holdings in shares of APA by 77.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company’s stock valued at $31,000 after buying an additional 586 shares during the period. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of APA in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 83.01% of the company’s stock.

APA Stock Up 1.4 %

The company has a market cap of $7.66 billion, a price-to-earnings ratio of 2.92 and a beta of 3.15. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03. The firm’s fifty day moving average price is $22.98 and its 200-day moving average price is $24.04.

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.