Royal Bank of Canada Reiterates “Sector Perform” Rating for APA (NASDAQ:APA)

APA (NASDAQ:APA)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $32.00 target price on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 37.22% from the stock’s current price.

A number of other research analysts have also recently commented on APA. Evercore ISI dropped their price target on APA from $39.00 to $33.00 and set an “in-line” rating for the company in a research note on Monday, September 30th. Mizuho dropped their target price on APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research report on Monday, December 16th. Bernstein Bank reduced their price target on APA from $30.00 to $28.00 in a report on Friday, October 18th. Wells Fargo & Company downgraded APA from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $42.00 to $25.00 in a research note on Tuesday, December 17th. Finally, Piper Sandler cut their target price on shares of APA from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $30.65.

APA Price Performance

Shares of NASDAQ:APA opened at $23.32 on Thursday. APA has a one year low of $20.32 and a one year high of $36.04. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 3.29 and a beta of 3.16. The firm has a 50 day simple moving average of $22.77 and a 200 day simple moving average of $25.35.

Insiders Place Their Bets

In related news, Director Juliet S. Ellis acquired 4,391 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were bought at an average price of $22.78 per share, with a total value of $100,026.98. Following the transaction, the director now directly owns 12,436 shares of the company’s stock, valued at $283,292.08. This trade represents a 54.58 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. TD Private Client Wealth LLC increased its holdings in shares of APA by 84.1% during the third quarter. TD Private Client Wealth LLC now owns 1,182 shares of the company’s stock valued at $29,000 after acquiring an additional 540 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in APA by 93.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,614 shares of the company’s stock worth $37,000 after purchasing an additional 780 shares during the last quarter. Huntington National Bank grew its stake in APA by 48.8% in the 3rd quarter. Huntington National Bank now owns 1,710 shares of the company’s stock valued at $42,000 after purchasing an additional 561 shares during the period. Eastern Bank boosted its holdings in shares of APA by 355.0% in the 4th quarter. Eastern Bank now owns 2,275 shares of the company’s stock worth $53,000 after buying an additional 1,775 shares during the last quarter. Finally, Blue Trust Inc. grew its position in APA by 164.2% during the third quarter. Blue Trust Inc. now owns 2,581 shares of the company’s stock valued at $63,000 after buying an additional 1,604 shares during the period. 83.01% of the stock is owned by institutional investors and hedge funds.

APA Company Profile

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.