APA Co. to Post Q1 2024 Earnings of $0.75 Per Share, Zacks Research Forecasts (NASDAQ:APA)

APA Co. (NASDAQ:APA) – Equities researchers at Zacks Research increased their Q1 2024 EPS estimates for APA in a research note issued on Monday, April 22nd. Zacks Research analyst N. Choudhury now anticipates that the company will earn $0.75 per share for the quarter, up from their previous forecast of $0.73. The consensus estimate for APA’s current full-year earnings is $5.03 per share. Zacks Research also issued estimates for APA’s Q2 2024 earnings at $0.97 EPS, Q3 2024 earnings at $0.80 EPS, Q4 2024 earnings at $1.05 EPS and FY2024 earnings at $3.57 EPS.

Several other research firms have also weighed in on APA. Raymond James reduced their price target on shares of APA from $44.00 to $43.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. StockNews.com upgraded shares of APA from a “hold” rating to a “buy” rating in a research report on Tuesday. Morgan Stanley restated an “underweight” rating and set a $28.00 price target on shares of APA in a research report on Monday, April 15th. Wells Fargo & Company assumed coverage on shares of APA in a research report on Wednesday. They set an “overweight” rating and a $55.00 price target for the company. Finally, Barclays assumed coverage on shares of APA in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $40.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $42.25.

APA Price Performance

APA opened at $32.36 on Wednesday. The firm has a market cap of $9.74 billion, a P/E ratio of 3.49 and a beta of 3.27. The firm has a 50-day moving average of $32.53 and a 200 day moving average of $34.50. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.02 and a current ratio of 1.02. APA has a fifty-two week low of $29.47 and a fifty-two week high of $46.15.

APA (NASDAQ:APA) last announced its earnings results on Thursday, February 22nd. The company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.18). The firm had revenue of $2.17 billion during the quarter, compared to analysts’ expectations of $2.07 billion. APA had a net margin of 34.95% and a return on equity of 62.64%. The business’s revenue for the quarter was down 12.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS.

APA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Monday, April 22nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.09%. APA’s dividend payout ratio (DPR) is currently 10.78%.

Hedge Funds Weigh In On APA

A number of large investors have recently modified their holdings of the company. Lido Advisors LLC raised its stake in APA by 1.2% in the third quarter. Lido Advisors LLC now owns 21,901 shares of the company’s stock valued at $900,000 after purchasing an additional 266 shares in the last quarter. DNB Asset Management AS raised its stake in APA by 0.6% in the fourth quarter. DNB Asset Management AS now owns 49,846 shares of the company’s stock valued at $1,788,000 after purchasing an additional 308 shares in the last quarter. HB Wealth Management LLC raised its stake in APA by 5.0% in the fourth quarter. HB Wealth Management LLC now owns 6,528 shares of the company’s stock valued at $234,000 after purchasing an additional 309 shares in the last quarter. NovaPoint Capital LLC raised its stake in APA by 5.8% in the third quarter. NovaPoint Capital LLC now owns 6,231 shares of the company’s stock valued at $256,000 after purchasing an additional 342 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in APA by 1.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,029 shares of the company’s stock valued at $898,000 after purchasing an additional 358 shares in the last quarter. 83.01% of the stock is currently owned by 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.