APA (NASDAQ:APA) Releases Quarterly Earnings Results, Beats Expectations By $0.22 EPS

APA (NASDAQ:APA) issued its quarterly earnings data on Wednesday. The company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.22, Briefing.com reports. The business had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.28 billion. APA had a return on equity of 35.95% and a net margin of 32.66%. The company’s revenue for the quarter was up 41.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.85 EPS.

APA Stock Down 8.0 %

Shares of NASDAQ APA traded down $2.49 during mid-day trading on Friday, reaching $28.59. 8,733,734 shares of the company were exchanged, compared to its average volume of 4,771,710. The firm has a 50-day moving average of $29.69 and a 200 day moving average of $30.98. The company has a quick ratio of 1.16, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. APA has a 1 year low of $27.17 and a 1 year high of $46.15. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 3.20 and a beta of 3.26.

APA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors of record on Monday, July 22nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Monday, July 22nd. APA’s dividend payout ratio (DPR) is currently 11.19%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley reissued an “underweight” rating and set a $28.00 target price on shares of APA in a research report on Monday, April 15th. Citigroup cut their target price on APA from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Scotiabank cut their target price on APA from $37.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Friday, July 12th. Mizuho boosted their target price on APA from $34.00 to $35.00 and gave the company an “underperform” rating in a research report on Tuesday, May 21st. Finally, Evercore ISI downgraded APA from an “outperform” rating to an “inline” rating and cut their target price for the company from $52.00 to $39.00 in a research report on Friday, June 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, APA has an average rating of “Hold” and a consensus price target of $38.91.

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.