APA (NASDAQ:APA) Price Target Cut to $24.00 by Analysts at Citigroup

APA (NASDAQ:APA) had its target price reduced by Citigroup from $29.00 to $24.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently weighed in on APA. Barclays dropped their target price on APA from $30.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Friday, November 8th. Susquehanna dropped their price target on APA from $52.00 to $48.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Company decreased their price objective on shares of APA from $49.00 to $47.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. The Goldman Sachs Group dropped their target price on shares of APA from $26.00 to $25.00 in a research report on Friday, October 18th. Finally, Piper Sandler decreased their price target on shares of APA from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Monday, November 18th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $32.57.

APA Price Performance

Shares of APA opened at $22.65 on Tuesday. The company has a 50 day moving average of $24.15 and a two-hundred day moving average of $27.20. The company has a market cap of $8.38 billion, a price-to-earnings ratio of 3.18 and a beta of 3.24. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. APA has a twelve month low of $21.15 and a twelve month high of $37.82.

APA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date was Tuesday, October 22nd. APA’s payout ratio is presently 14.12%.

Institutional Trading of APA

A number of hedge funds have recently added to or reduced their stakes in the company. Woodstock Corp grew its holdings in APA by 20.3% in the third quarter. Woodstock Corp now owns 308,253 shares of the company’s stock valued at $7,540,000 after purchasing an additional 51,993 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of APA by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,991,513 shares of the company’s stock valued at $293,312,000 after buying an additional 485,291 shares in the last quarter. Victory Capital Management Inc. grew its stake in APA by 13.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,261,324 shares of the company’s stock valued at $30,852,000 after acquiring an additional 149,762 shares during the period. Ellis Investment Partners LLC acquired a new stake in APA in the 2nd quarter valued at $2,499,000. Finally, AQR Capital Management LLC raised its position in APA by 112.6% during the second quarter. AQR Capital Management LLC now owns 1,448,935 shares of the company’s stock worth $42,092,000 after acquiring an additional 767,557 shares during the period. 83.01% of the stock is owned by hedge funds and other institutional investors.

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.