APA Corporation $APA is Kornitzer Capital Management Inc. KS’s 10th Largest Position

Kornitzer Capital Management Inc. KS lessened its holdings in APA Corporation (NASDAQ:APA) by 3.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,792,957 shares of the company’s stock after selling 70,431 shares during the period. APA makes up about 1.6% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 10th largest position. Kornitzer Capital Management Inc. KS’s holdings in APA were worth $76,093,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Cedar Mountain Advisors LLC bought a new stake in APA during the first quarter valued at approximately $28,000. Summit Securities Group LLC raised its position in APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock worth $32,000 after acquiring an additional 710 shares during the period. Camelot Portfolios LLC purchased a new position in shares of APA during the 4th quarter worth $37,000. Community Bank N.A. purchased a new position in shares of APA during the 3rd quarter worth $43,000. Finally, Cary Street Partners Investment Advisory LLC bought a new stake in shares of APA during the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 83.01% of the company’s stock.

APA Price Performance

Shares of APA stock traded up $0.15 on Friday, hitting $33.44. 3,236,575 shares of the stock traded hands, compared to its average volume of 5,534,070. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.92. APA Corporation has a 52 week low of $17.86 and a 52 week high of $45.66. The firm has a 50 day simple moving average of $36.10 and a two-hundred day simple moving average of $33.16. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 7.79 and a beta of 0.35.

APA (NASDAQ:APA) last issued its earnings results on Wednesday, May 6th. The company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.27. APA had a net margin of 17.38% and a return on equity of 20.70%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm posted $1.06 EPS. APA’s quarterly revenue was down 11.7% compared to the same quarter last year. As a group, equities research analysts predict that APA Corporation will post 5.18 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Wednesday, July 22nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.0%. APA’s dividend payout ratio is 23.31%.

Insider Activity

In related news, VP Mark D. Maddox sold 9,800 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $40.04, for a total transaction of $392,392.00. Following the completion of the sale, the vice president owned 66,810 shares in the company, valued at approximately $2,675,072.40. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on APA. The Goldman Sachs Group reduced their price objective on APA from $34.00 to $32.00 and set a “sell” rating for the company in a research note on Tuesday, June 30th. Citigroup boosted their price target on APA from $40.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, May 20th. Truist Financial reduced their price target on APA from $39.00 to $38.00 and set a “hold” rating for the company in a research report on Friday. Mizuho raised their price objective on APA from $32.00 to $36.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 27th. Finally, Scotiabank lifted their price objective on APA from $26.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Eight equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, APA presently has a consensus rating of “Hold” and an average price target of $40.85.

APA Profile

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.