Wells Fargo & Company Lowers APA (NASDAQ:APA) Price Target to $47.00

APA (NASDAQ:APA) had its price target cut by equities research analysts at Wells Fargo & Company from $49.00 to $47.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 83.45% from the company’s previous close.

A number of other analysts have also recently weighed in on APA. JPMorgan Chase & Co. dropped their target price on shares of APA from $36.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. Barclays reaffirmed an “equal weight” rating and issued a $35.00 price objective on shares of APA in a report on Wednesday, September 11th. Citigroup dropped their price objective on shares of APA from $33.00 to $32.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. Wolfe Research initiated coverage on shares of APA in a research report on Thursday, July 18th. They issued an “outperform” rating and a $42.00 target price for the company. Finally, Bank of America restated an “underperform” rating and set a $31.00 price objective on shares of APA in a research report on Friday, June 14th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, APA has an average rating of “Hold” and a consensus price target of $35.43.

APA Stock Up 4.7 %

Shares of APA stock traded up $1.16 on Tuesday, hitting $25.62. The stock had a trading volume of 7,355,675 shares, compared to its average volume of 6,267,273. The firm has a market capitalization of $9.51 billion, a price-to-earnings ratio of 2.87 and a beta of 3.24. The stock’s 50 day moving average is $27.43 and its 200-day moving average is $29.79. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.01. APA has a 52-week low of $22.72 and a 52-week high of $43.58.

APA (NASDAQ:APA) last announced its earnings results on Wednesday, July 31st. The company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.22. The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.28 billion. APA had a net margin of 32.66% and a return on equity of 35.95%. The business’s quarterly revenue was up 41.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. As a group, research analysts expect that APA will post 4.04 earnings per share for the current year.

Hedge Funds Weigh In On APA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in APA. Sanctuary Advisors LLC acquired a new stake in shares of APA in the second quarter worth $308,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of APA by 12.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 908,906 shares of the company’s stock worth $26,758,000 after acquiring an additional 100,160 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of APA by 160.1% in the second quarter. Cetera Investment Advisers now owns 75,593 shares of the company’s stock worth $2,225,000 after acquiring an additional 46,535 shares during the last quarter. IMS Capital Management acquired a new stake in shares of APA in the second quarter worth $318,000. Finally, Truist Financial Corp grew its stake in shares of APA by 44.0% in the second quarter. Truist Financial Corp now owns 38,710 shares of the company’s stock worth $1,140,000 after acquiring an additional 11,827 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.

About APA

APA Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It has oil and gas operations in the United States, Egypt, and North Sea. The company also has exploration and appraisal activities in Suriname, as well as holds interests in projects located in Uruguay and internationally.