APA (NASDAQ:APA) Lowered to “Equal Weight” Rating by Wells Fargo & Company

Wells Fargo & Company cut shares of APA (NASDAQ:APA) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have $25.00 price target on the stock, down from their previous price target of $42.00.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group reduced their price target on APA from $26.00 to $25.00 in a report on Friday, October 18th. Mizuho reduced their target price on shares of APA from $25.00 to $24.00 and set an “underperform” rating on the stock in a research note on Monday. Truist Financial dropped their price target on shares of APA from $36.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Susquehanna reduced their price target on shares of APA from $52.00 to $48.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Finally, Piper Sandler lowered their price objective on APA from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Monday, November 18th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.14.

APA Stock Performance

NASDAQ:APA opened at $21.05 on Tuesday. The company has a market cap of $7.79 billion, a P/E ratio of 2.97 and a beta of 3.18. APA has a twelve month low of $20.45 and a twelve month high of $37.82. The company’s 50-day moving average price is $23.30 and its 200-day moving average price is $26.44. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03.

APA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Wednesday, January 22nd will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Wednesday, January 22nd. APA’s dividend payout ratio (DPR) is presently 14.12%.

Insider Buying and Selling

In related news, Director Juliet S. Ellis purchased 4,391 shares of APA stock in a transaction that occurred on Thursday, December 12th. The stock was purchased at an average cost of $22.78 per share, with a total value of $100,026.98. Following the completion of the transaction, the director now directly owns 12,436 shares in the company, valued at approximately $283,292.08. The trade was a 54.58 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by company insiders.

Institutional Trading of APA

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Woodstock Corp raised its position in APA by 20.3% in the 3rd 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 last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of APA by 4.2% in 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 purchasing an additional 485,291 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of APA in the third quarter valued at approximately $7,238,000. Ellis Investment Partners LLC purchased a new stake in shares of APA during the second quarter worth approximately $2,499,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of APA by 13.5% during the third quarter. Victory Capital Management Inc. now owns 1,261,324 shares of the company’s stock worth $30,852,000 after purchasing an additional 149,762 shares during the period. Institutional investors and hedge funds own 83.01% of the company’s stock.

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.