Gabelli Funds LLC Lowers Stock Position in APA Co. (NASDAQ:APA)

Gabelli Funds LLC trimmed its stake in APA Co. (NASDAQ:APA) by 14.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 112,200 shares of the company’s stock after selling 19,300 shares during the period. Gabelli Funds LLC’s holdings in APA were worth $3,857,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in APA. HB Wealth Management LLC boosted its holdings in APA by 5.0% during the 4th quarter. HB Wealth Management LLC now owns 6,528 shares of the company’s stock valued at $234,000 after acquiring an additional 309 shares during the period. Procyon Advisors LLC acquired a new position in shares of APA in the fourth quarter valued at approximately $414,000. Quent Capital LLC increased its stake in APA by 64.0% during the 4th quarter. Quent Capital LLC now owns 961 shares of the company’s stock worth $34,000 after buying an additional 375 shares during the period. Murphy Pohlad Asset Management LLC lifted its holdings in APA by 0.4% during the 4th quarter. Murphy Pohlad Asset Management LLC now owns 106,695 shares of the company’s stock worth $3,828,000 after buying an additional 395 shares in the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in APA by 11.0% in the 4th quarter. Pinnacle Associates Ltd. now owns 8,510 shares of the company’s stock valued at $305,000 after buying an additional 842 shares during the period. 83.01% of the stock is currently owned by institutional investors and hedge funds.

APA Price Performance

Shares of APA traded down $0.07 during mid-day trading on Friday, hitting $31.21. The company’s stock had a trading volume of 3,493,116 shares, compared to its average volume of 4,692,342. The firm has a 50-day simple moving average of $29.65 and a 200 day simple moving average of $31.03. APA Co. has a 1-year low of $27.17 and a 1-year high of $46.15. The firm has a market capitalization of $11.58 billion, a P/E ratio of 3.49, a P/E/G ratio of 0.40 and a beta of 3.26. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.42.

APA (NASDAQ:APA) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.78 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.12). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.89 billion. APA had a net margin of 34.04% and a return on equity of 45.32%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the business earned $1.19 EPS. Analysts predict that APA Co. will post 4.17 EPS for the current fiscal year.

APA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Shareholders of record on Monday, July 22nd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.00 annualized dividend and a yield of 3.20%. APA’s dividend payout ratio (DPR) is currently 11.19%.

Wall Street Analysts Forecast Growth

APA has been the subject of several recent research reports. Barclays decreased their price objective on APA from $40.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Wolfe Research began coverage on shares of APA in a research report on Thursday, July 18th. They issued an “outperform” rating and a $42.00 price objective on the stock. Citigroup decreased their price objective on shares of APA from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Mizuho boosted their target price on shares of APA from $34.00 to $35.00 and gave the stock an “underperform” rating in a research note on Tuesday, May 21st. Finally, Morgan Stanley restated an “underweight” rating and issued a $28.00 price target on shares of APA in a research note on Monday, April 15th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.86.

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.