APA (NASDAQ:APA) Rating Lowered to Inline at Evercore ISI

APA (NASDAQ:APA) was downgraded by investment analysts at Evercore ISI from an “outperform” rating to an “inline” rating in a report released on Friday, MarketBeat Ratings reports. They presently have a $39.00 price objective on the stock, down from their previous price objective of $52.00. Evercore ISI’s target price indicates a potential upside of 40.19% from the stock’s current price.

Several other brokerages also recently issued reports on APA. Susquehanna raised their target price on shares of APA from $54.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of APA from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Wells Fargo & Company decreased their target price on shares of APA from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 22nd. Barclays decreased their target price on shares of APA from $40.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Finally, Piper Sandler cut their price target on shares of APA from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Tuesday, May 14th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $40.52.

APA Price Performance

APA opened at $27.82 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.42. APA has a 12 month low of $27.36 and a 12 month high of $46.15. The company has a fifty day simple moving average of $30.88 and a 200 day simple moving average of $32.22. The stock has a market cap of $10.33 billion, a P/E ratio of 3.11 and a beta of 3.24.

APA (NASDAQ:APA) last released its earnings results on Thursday, May 2nd. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.12). The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.89 billion. APA had a return on equity of 45.32% and a net margin of 34.04%. APA’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the company posted $1.19 EPS. On average, research analysts expect that APA will post 4.58 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Harris Associates L P lifted its holdings in APA by 17.8% during the fourth quarter. Harris Associates L P now owns 15,705,693 shares of the company’s stock valued at $563,520,000 after purchasing an additional 2,367,570 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of APA by 4.7% in the first quarter. Vanguard Group Inc. now owns 44,648,084 shares of the company’s stock worth $1,535,001,000 after purchasing an additional 2,004,555 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in APA by 10.6% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 20,299,538 shares of the company’s stock worth $728,347,000 after acquiring an additional 1,938,335 shares during the period. Ameriprise Financial Inc. lifted its stake in APA by 130.0% in the third quarter. Ameriprise Financial Inc. now owns 1,534,209 shares of the company’s stock worth $63,037,000 after acquiring an additional 867,257 shares during the period. Finally, Webs Creek Capital Management LP purchased a new stake in APA in the first quarter worth about $28,593,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

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.