Pacific Heights Asset Management LLC Acquires 25,000 Shares of APA Corporation $APA

Pacific Heights Asset Management LLC increased its holdings in shares of APA Corporation (NASDAQ:APA) by 6.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 425,000 shares of the company’s stock after acquiring an additional 25,000 shares during the quarter. Pacific Heights Asset Management LLC owned about 0.12% of APA worth $10,319,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in APA by 869.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 194,418 shares of the company’s stock valued at $4,872,000 after buying an additional 174,369 shares during the last quarter. Prudential Financial Inc. boosted its holdings in shares of APA by 38.8% during the second quarter. Prudential Financial Inc. now owns 284,275 shares of the company’s stock worth $5,199,000 after acquiring an additional 79,451 shares during the period. Fifth Third Bancorp boosted its holdings in shares of APA by 98.7% during the second quarter. Fifth Third Bancorp now owns 51,924 shares of the company’s stock worth $950,000 after acquiring an additional 25,787 shares during the period. Schroder Investment Management Group grew its position in shares of APA by 22.0% in the second quarter. Schroder Investment Management Group now owns 914,667 shares of the company’s stock valued at $16,729,000 after purchasing an additional 165,006 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of APA during the third quarter worth approximately $1,828,000. 83.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on APA shares. Evercore ISI reduced their price target on APA from $21.00 to $16.00 in a research note on Tuesday, November 4th. BMO Capital Markets boosted their target price on shares of APA from $28.00 to $30.00 and gave the company a “market perform” rating in a research report on Monday, October 13th. Morgan Stanley raised their price target on shares of APA from $22.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, November 20th. Piper Sandler boosted their price objective on shares of APA from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Tuesday, November 18th. Finally, Mizuho raised their target price on shares of APA from $20.00 to $22.00 and gave the stock an “underperform” rating in a report on Friday, December 12th. Six investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, APA currently has an average rating of “Hold” and a consensus target price of $26.59.

APA Trading Down 0.9%

Shares of APA stock opened at $25.78 on Tuesday. The firm’s 50-day moving average price is $24.96 and its two-hundred day moving average price is $22.96. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 6.20, a PEG ratio of 10.72 and a beta of 0.74. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.62. APA Corporation has a 12-month low of $13.58 and a 12-month high of $27.72.

APA (NASDAQ:APA) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.19. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.06 billion. APA had a net margin of 15.49% and a return on equity of 19.86%. The firm’s quarterly revenue was down 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.00 EPS. On average, analysts forecast that APA Corporation will post 4.03 earnings per share for the current fiscal year.

APA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 23rd. Stockholders of record on Thursday, January 22nd will be paid a $0.25 dividend. The ex-dividend date is Thursday, January 22nd. This represents a $1.00 annualized dividend and a dividend yield of 3.9%. APA’s dividend payout ratio (DPR) is presently 24.04%.

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.