Elevation Point Wealth Partners LLC Invests $829,000 in APA Corporation $APA

Elevation Point Wealth Partners LLC bought a new stake in shares of APA Corporation (NASDAQ:APA) in the 2nd quarter, Holdings Channel.com reports. The firm bought 25,459 shares of the company’s stock, valued at approximately $829,000.

Other hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management grew its position in APA by 520.8% in the first quarter. Hollencrest Capital Management now owns 596 shares of the company’s stock worth $25,000 after buying an additional 500 shares during the last quarter. Cedar Mountain Advisors LLC acquired a new position in shares of APA in the 1st quarter worth $28,000. Summit Securities Group LLC lifted its holdings in shares of APA by 115.1% during the fourth quarter. Summit Securities Group LLC now owns 1,327 shares of the company’s stock valued at $32,000 after purchasing an additional 710 shares during the last quarter. MidFirst Bank purchased a new stake in shares of APA during the second quarter valued at $33,000. Finally, Gables Capital Management Inc. purchased a new position in APA in the 2nd quarter worth about $36,000. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Price Performance

APA stock opened at $42.96 on Tuesday. APA Corporation has a one year low of $21.47 and a one year high of $45.66. The company has a market capitalization of $15.05 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 0.78 and a beta of 0.35. The business has a 50 day simple moving average of $36.14 and a 200 day simple moving average of $35.98. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.95 and a quick ratio of 0.95.

APA (NASDAQ:APA) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.01). The firm had revenue of $2.37 billion for 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 period in the prior year, the company posted $0.87 earnings per share. On average, sell-side analysts forecast that APA Corporation will post 5.54 EPS for the current fiscal year.

Analysts Set New Price Targets

APA has been the subject of several recent analyst reports. Barclays decreased their target price on shares of APA from $41.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Stephens boosted their price target on shares of APA from $43.00 to $47.00 in a report on Wednesday, June 10th. Zacks Research cut APA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen raised APA from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Wells Fargo & Company increased their price objective on APA from $39.00 to $49.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. Ten equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.50.

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.