Rakuten Investment Management Inc. Purchases New Position in APA Corporation $APA

Rakuten Investment Management Inc. bought a new stake in shares of APA Corporation (NASDAQ:APA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 37,476 shares of the company’s stock, valued at approximately $1,235,000.

Several other large investors have also recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in APA in the 2nd quarter worth about $28,433,000. United Capital Financial Advisors LLC acquired a new stake in APA in the second quarter valued at approximately $1,565,000. Pacific Heights Asset Management LLC acquired a new stake in APA in the second quarter valued at approximately $19,542,000. Public Employees Retirement System of Ohio purchased a new stake in shares of APA in the second quarter valued at approximately $4,239,000. Finally, Corient Private Wealth LP purchased a new stake in shares of APA in the second quarter valued at approximately $6,318,000. 83.01% of the stock is currently owned by institutional investors and hedge funds.

APA Stock Performance

Shares of APA opened at $42.54 on Monday. APA Corporation has a 12-month low of $21.57 and a 12-month high of $45.66. The firm has a market capitalization of $14.90 billion, a P/E ratio of 8.99, a P/E/G ratio of 0.77 and a beta of 0.35. The firm has a 50-day moving average price of $36.80 and a 200 day moving average price of $36.39. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.47.

APA (NASDAQ:APA) last posted its earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.01). The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.46 billion. APA had a net margin of 19.48% and a return on equity of 24.84%. During the same quarter in the prior year, the firm earned $0.87 EPS. Sell-side analysts forecast that APA Corporation will post 5.54 EPS for the current year.

Analysts Set New Price Targets

APA has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of APA from $38.00 to $44.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. Capital One Financial lifted their target price on shares of APA from $50.00 to $51.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Zacks Research cut shares of APA from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. BMO Capital Markets reduced their price target on shares of APA from $47.00 to $45.00 and set a “market perform” rating for the company in a research report on Wednesday, May 13th. Finally, Truist Financial raised their price target on shares of APA from $38.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, August 10th. Ten research 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 MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.50.

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.