NewEdge Wealth LLC Invests $3.10 Million in APA Corporation $APA

NewEdge Wealth LLC acquired a new position in shares of APA Corporation (NASDAQ:APA) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 95,314 shares of the company’s stock, valued at approximately $3,104,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in APA during the 2nd quarter worth approximately $1,173,231,000. Arrowstreet Capital Limited Partnership raised its holdings in APA by 1,726.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,834,502 shares of the company’s stock worth $205,176,000 after purchasing an additional 4,569,779 shares during the period. Bank of New York Mellon Corp bought a new position in shares of APA during the second quarter worth $134,558,000. Goldman Sachs Group Inc. grew its holdings in shares of APA by 76.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,171,963 shares of the company’s stock valued at $175,426,000 after buying an additional 3,117,032 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of APA by 157.1% in the 2nd quarter. AQR Capital Management LLC now owns 3,060,135 shares of the company’s stock valued at $55,970,000 after buying an additional 1,869,891 shares during the period. Institutional investors and hedge funds own 83.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on APA. Wall Street Zen downgraded APA from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Truist Financial raised their price target on APA from $38.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, August 10th. Roth Capital set a $39.00 price objective on APA in a report on Thursday, August 6th. Barclays dropped their target price on shares of APA from $41.00 to $40.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Sanford C. Bernstein upped their price target on shares of APA from $37.00 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, May 20th. Ten equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.50.

APA Stock Up 2.2%

Shares of APA stock opened at $44.39 on Friday. APA Corporation has a 52-week low of $19.96 and a 52-week high of $45.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.95 and a current ratio of 0.95. The business’s 50 day simple moving average is $35.85 and its 200 day simple moving average is $35.74. The firm has a market cap of $15.55 billion, a PE ratio of 9.38 and a beta of 0.35.

APA (NASDAQ:APA) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $1.89 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.01). APA had a return on equity of 24.84% and a net margin of 19.48%.The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the firm earned $0.87 earnings per share. On average, analysts predict that APA Corporation will post 5.27 earnings per share for the current fiscal year.

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.