APA (NASDAQ:APA) Price Target Lowered to $40.00 at Citigroup

APA (NASDAQ:APA) had its price target decreased by Citigroup from $45.00 to $40.00 in a research note issued on Friday,MarketScreener reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 16.39% from the stock’s current price.

Several other brokerages have also commented on APA. Barclays raised APA from an “underweight” rating to an “equal weight” rating and set a $35.00 price objective on the stock in a report on Monday, March 23rd. Benchmark boosted their price target on shares of APA from $33.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. BMO Capital Markets increased their price objective on shares of APA from $35.00 to $47.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. UBS Group upped their price target on shares of APA from $30.00 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Finally, Royal Bank Of Canada raised their price target on shares of APA from $29.00 to $45.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Seven research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, APA has a consensus rating of “Hold” and a consensus price target of $38.69.

APA Stock Down 9.3%

APA opened at $34.37 on Friday. The company has a fifty day moving average of $34.70 and a two-hundred day moving average of $28.11. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 8.50 and a beta of 0.49. APA has a fifty-two week low of $15.15 and a fifty-two week high of $45.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.82.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.29. APA had a net margin of 15.55% and a return on equity of 19.89%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the company posted $0.79 EPS. The company’s revenue for the quarter was down 26.6% on a year-over-year basis. On average, research analysts expect that APA will post 4.03 earnings per share for the current year.

Insider Activity at APA

In other news, Director Matthew Regis Bob sold 23,000 shares of APA stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $36.23, for a total transaction of $833,290.00. Following the sale, the director owned 6,634 shares in the company, valued at approximately $240,349.82. The trade was a 77.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On APA

Several hedge funds have recently bought and sold shares of APA. Deseret Mutual Benefit Administrators grew its stake in APA by 276.7% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after acquiring an additional 891 shares during the period. Summit Securities Group LLC boosted its position in APA by 115.1% during the 4th quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock worth $32,000 after purchasing an additional 710 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in shares of APA during the 3rd quarter valued at about $34,000. Spire Wealth Management increased its stake in APA by 179.6% during the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after buying an additional 977 shares during the period. Finally, Camelot Portfolios LLC bought a new stake in shares of APA in the 4th quarter worth about $37,000. 83.01% of the stock is owned by hedge funds and other institutional investors.

About APA

APA Corporation (NASDAQ: APA) is an independent exploration and production company engaged in the acquisition, development and production of oil and natural gas resources. The company operates through three core regions: the United States, Egypt and the North Sea. Through its integrated approach, APA combines geological and geophysical expertise with technical innovation to identify and develop hydrocarbons in both onshore and offshore settings.

In the United States, APA’s largest position is in the Permian Basin of West Texas and southeastern New Mexico, where it holds substantial acreage dedicated to oil-focused drilling and production.