Pacific Heights Asset Management LLC Makes New $19.54 Million Investment in APA Corporation $APA

Pacific Heights Asset Management LLC acquired a new stake in shares of APA Corporation (NASDAQ:APA) in the second quarter, HoldingsChannel.com reports. The fund acquired 600,000 shares of the company’s stock, valued at approximately $19,542,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in APA during the 2nd quarter valued at $4,239,000. Corient Private Wealth LP purchased a new position in shares of APA in the second quarter valued at about $6,318,000. Bank of America Corp DE bought a new position in shares of APA during the second quarter valued at about $46,998,000. Man Group plc bought a new position in shares of APA during the second quarter valued at about $1,695,000. Finally, First Bancorp Inc ME purchased a new stake in shares of APA during the second quarter worth about $65,000. Institutional investors own 83.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on APA. UBS Group cut their target price on APA from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Barclays dropped their price objective on APA from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Morgan Stanley cut their price objective on APA from $44.00 to $41.00 and set an “underweight” rating on the stock in a research report on Friday, June 26th. Raymond James Financial reduced their target price on APA from $57.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Finally, Roth Capital set a $39.00 price target on APA in a research note on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, APA presently has a consensus rating of “Hold” and an average target price of $41.50.

APA Trading Up 2.9%

NASDAQ APA opened at $42.38 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.47. APA Corporation has a twelve month low of $21.57 and a twelve month high of $45.66. The firm has a market capitalization of $14.85 billion, a PE ratio of 8.96, a P/E/G ratio of 0.74 and a beta of 0.35. The stock’s 50 day moving average is $36.61 and its 200 day moving average is $36.28.

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

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.