APA (NASDAQ:APA) Shares Gap Down – What’s Next?

Shares of APA Corporation (NASDAQ:APA) gapped down before the market opened on Tuesday . The stock had previously closed at $42.96, but opened at $41.38. APA shares last traded at $41.9490, with a volume of 379,358 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Roth Capital set a $39.00 target price on shares of APA in a research report on Thursday, August 6th. Wall Street Zen raised shares of APA from a “hold” rating to a “buy” rating in a report on Saturday. UBS Group dropped their price objective on shares of APA from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, July 15th. Benchmark boosted their price objective on shares of APA from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Citigroup increased their target price on shares of APA from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Ten investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $41.50.

APA Stock Down 3.1%

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $36.14 and its 200 day moving average price is $35.98. The company has a market capitalization of $14.59 billion, a P/E ratio of 8.79, a P/E/G ratio of 0.78 and a beta of 0.35.

APA (NASDAQ:APA) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.01). The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.46 billion. APA had a return on equity of 24.84% and a net margin of 19.48%.During the same period last year, the company earned $0.87 EPS. As a group, equities research analysts predict that APA Corporation will post 5.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On APA

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of APA during the 2nd quarter worth approximately $1,173,231,000. Dimensional Fund Advisors LP grew its position in APA by 6.9% in the first quarter. Dimensional Fund Advisors LP now owns 16,376,952 shares of the company’s stock valued at $695,099,000 after acquiring an additional 1,055,016 shares during the period. Charles Schwab Investment Management Inc. raised its stake in APA by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 14,710,034 shares of the company’s stock worth $359,807,000 after acquiring an additional 285,542 shares in the last quarter. California State Teachers Retirement System raised its stake in APA by 3,143.3% during the second quarter. California State Teachers Retirement System now owns 13,395,715 shares of the company’s stock worth $411,290,000 after acquiring an additional 12,982,685 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of APA by 21.8% during the fourth quarter. Morgan Stanley now owns 10,425,586 shares of the company’s stock valued at $255,010,000 after acquiring an additional 1,864,900 shares during the period. 83.01% of the stock is owned by institutional investors and hedge funds.

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.