State of Michigan Retirement System Sells 1,500 Shares of APA Co. (NASDAQ:APA)

State of Michigan Retirement System trimmed its holdings in shares of APA Co. (NASDAQ:APA) by 1.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 135,373 shares of the company’s stock after selling 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in APA were worth $3,126,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. TD Private Client Wealth LLC lifted its position in shares of APA by 84.1% during the 3rd 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 during the period. Riverview Trust Co increased its stake in APA by 5,718.2% in the fourth quarter. Riverview Trust Co now owns 1,280 shares of the company’s stock valued at $30,000 after purchasing an additional 1,258 shares in the last quarter. Wilmington Savings Fund Society FSB increased its stake in APA by 77.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,338 shares of the company’s stock valued at $31,000 after purchasing an additional 586 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of APA by 93.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,614 shares of the company’s stock valued at $37,000 after purchasing an additional 780 shares during the period. Finally, Huntington National Bank boosted its position in shares of APA by 48.8% during the 3rd quarter. Huntington National Bank now owns 1,710 shares of the company’s stock worth $42,000 after purchasing an additional 561 shares in the last quarter. 83.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Juliet S. Ellis bought 4,391 shares of the stock in a transaction on Thursday, December 12th. The shares were purchased at an average cost of $22.78 per share, for a total transaction of $100,026.98. Following the completion of the purchase, the director now directly owns 12,436 shares in the company, valued at $283,292.08. This represents a 54.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $32.00 target price on shares of APA in a research report on Thursday, January 23rd. Barclays decreased their price objective on APA from $30.00 to $27.00 and set an “equal weight” rating for the company in a report on Friday, November 8th. Susquehanna cut their target price on APA from $33.00 to $31.00 and set a “positive” rating on the stock in a report on Monday, March 3rd. Mizuho decreased their price target on shares of APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research note on Monday, December 16th. Finally, Wells Fargo & Company downgraded shares of APA from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $42.00 to $25.00 in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, APA currently has a consensus rating of “Hold” and a consensus target price of $29.80.

APA Stock Performance

Shares of APA opened at $18.84 on Friday. The stock has a 50 day moving average of $22.73 and a 200 day moving average of $23.75. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03. APA Co. has a 12 month low of $17.66 and a 12 month high of $36.04. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 2.66 and a beta of 3.26.

APA (NASDAQ:APA) last released its earnings results on Wednesday, February 26th. The company reported $0.79 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.18). The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.31 billion. APA had a return on equity of 27.86% and a net margin of 24.36%. As a group, sell-side analysts forecast that APA Co. will post 4.03 earnings per share for the current year.

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Tuesday, April 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date is Tuesday, April 22nd. APA’s payout ratio is 44.25%.

APA 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.