Bank of America Issues Positive Forecast for APA (NASDAQ:APA) Stock Price

APA (NASDAQ:APA) had its price objective boosted by equities researchers at Bank of America from $23.00 to $27.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The brokerage currently has an “underperform” rating on the stock. Bank of America‘s price target suggests a potential downside of 23.65% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. upped their target price on APA from $25.00 to $29.00 and gave the stock a “neutral” rating in a research report on Friday, February 27th. Stephens raised their target price on APA from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, February 17th. Capital One Financial boosted their price target on APA from $31.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 11th. The Goldman Sachs Group increased their price objective on shares of APA from $23.00 to $29.00 and gave the company a “sell” rating in a research report on Wednesday, March 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of APA in a research note on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.96.

APA Stock Performance

Shares of APA stock opened at $35.36 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The company has a market cap of $12.49 billion, a PE ratio of 8.74, a P/E/G ratio of 17.00 and a beta of 0.67. The company’s fifty day simple moving average is $28.08 and its 200-day simple moving average is $25.47. APA has a 52 week low of $13.58 and a 52 week high of $35.04.

APA (NASDAQ:APA) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.29. APA had a net margin of 15.55% and a return on equity of 19.89%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the company earned $0.79 EPS. The firm’s revenue was down 26.6% on a year-over-year basis. As a group, equities research analysts anticipate that APA will post 4.03 EPS for the current year.

Hedge Funds Weigh In On APA

Several institutional investors and hedge funds have recently made changes to their positions in APA. Deseret Mutual Benefit Administrators grew its position in shares of APA by 276.7% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock worth $29,000 after buying an additional 891 shares in the last quarter. Summit Securities Group LLC raised its holdings in APA by 115.1% in the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock valued at $32,000 after acquiring an additional 710 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in APA during the 3rd quarter valued at $34,000. Spire Wealth Management grew its holdings in APA by 179.6% during the 3rd quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after acquiring an additional 977 shares in the last quarter. Finally, Camelot Portfolios LLC acquired a new position in APA during the 4th quarter worth $37,000. 83.01% of the stock is currently owned by hedge funds and other institutional investors.

APA Company 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.