PNC Financial Services Group Inc. Buys 66,344 Shares of APA Corporation $APA

PNC Financial Services Group Inc. increased its stake in APA Corporation (NASDAQ:APA) by 87.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,048 shares of the company’s stock after buying an additional 66,344 shares during the quarter. PNC Financial Services Group Inc.’s holdings in APA were worth $2,598,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in shares of APA by 34.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 269,512 shares of the company’s stock worth $5,665,000 after acquiring an additional 68,725 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in APA in the 1st quarter worth about $3,636,000. Allianz Asset Management GmbH bought a new stake in APA in the first quarter worth about $12,255,000. Y Intercept Hong Kong Ltd purchased a new position in shares of APA during the first quarter valued at approximately $1,717,000. Finally, Oak Thistle LLC bought a new position in shares of APA during the first quarter valued at approximately $559,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on APA shares. Susquehanna boosted their price objective on APA from $30.00 to $32.00 and gave the company a “positive” rating in a report on Wednesday, November 12th. Roth Capital boosted their target price on shares of APA from $22.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, October 15th. Stephens upped their price target on shares of APA from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of APA in a report on Monday. Finally, Scotiabank boosted their price objective on shares of APA from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Three research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, APA presently has a consensus rating of “Hold” and a consensus target price of $24.56.

APA Stock Up 2.2%

Shares of APA stock opened at $24.92 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $8.84 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 6.28 and a beta of 1.12. The firm’s 50-day moving average is $23.63 and its two-hundred day moving average is $20.83. APA Corporation has a 1 year low of $13.58 and a 1 year high of $25.83.

APA (NASDAQ:APA) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.74 by $0.19. APA had a net margin of 10.53% and a return on equity of 20.98%. The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the business posted $1.00 EPS. The company’s quarterly revenue was down 16.4% compared to the same quarter last year. As a group, research analysts expect that APA Corporation will post 4.03 earnings per share for the current fiscal year.

APA Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Wednesday, October 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Wednesday, October 22nd. APA’s dividend payout ratio (DPR) 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.