Brokers Issue Forecasts for APA Co.’s Q3 2024 Earnings (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Capital One Financial lowered their Q3 2024 earnings per share (EPS) estimates for shares of APA in a research note issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the company will post earnings per share of $0.70 for the quarter, down from their previous forecast of $1.13. The consensus estimate for APA’s current full-year earnings is $4.34 per share. Capital One Financial also issued estimates for APA’s Q4 2024 earnings at $0.53 EPS, FY2024 earnings at $3.18 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.26 EPS, Q4 2025 earnings at $0.28 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.75 EPS.

A number of other brokerages have also recently commented on APA. JPMorgan Chase & Co. cut their price target on shares of APA from $36.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. Truist Financial boosted their price target on APA from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. UBS Group cut their price objective on APA from $35.00 to $29.00 and set a “neutral” rating for the company in a research report on Wednesday. Wolfe Research began coverage on APA in a research note on Thursday, July 18th. They set an “outperform” rating and a $42.00 target price for the company. Finally, Barclays restated an “equal weight” rating and issued a $35.00 price target on shares of APA in a research note on Wednesday, September 11th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $36.38.

APA Price Performance

NASDAQ:APA opened at $25.07 on Friday. The stock has a market capitalization of $9.31 billion, a PE ratio of 2.80 and a beta of 3.24. APA has a 1-year low of $22.72 and a 1-year high of $43.58. The firm has a fifty day simple moving average of $28.29 and a 200 day simple moving average of $30.09. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

APA (NASDAQ:APA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.22. APA had a return on equity of 35.95% and a net margin of 32.66%. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period last year, the company earned $0.85 earnings per share. The business’s revenue was up 41.6% compared to the same quarter last year.

APA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, October 22nd will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Tuesday, October 22nd. APA’s dividend payout ratio (DPR) is currently 11.19%.

Institutional Trading of APA

A number of institutional investors have recently modified their holdings of APA. Sunpointe LLC raised its stake in APA by 2.8% in the second quarter. Sunpointe LLC now owns 13,297 shares of the company’s stock valued at $391,000 after purchasing an additional 362 shares in the last quarter. GAMMA Investing LLC raised its position in shares of APA by 12.0% in the 2nd quarter. GAMMA Investing LLC now owns 3,558 shares of the company’s stock valued at $105,000 after buying an additional 380 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of APA by 6.7% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 6,860 shares of the company’s stock worth $202,000 after acquiring an additional 429 shares during the period. Stephens Inc. AR boosted its position in shares of APA by 0.9% during the 4th quarter. Stephens Inc. AR now owns 49,475 shares of the company’s stock worth $1,775,000 after acquiring an additional 436 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in APA by 18.1% in the first quarter. UMB Bank n.a. now owns 2,865 shares of the company’s stock valued at $98,000 after acquiring an additional 439 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors.

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.