Citigroup Cuts APA (NASDAQ:APA) Price Target to $32.00

APA (NASDAQ:APA) had its price objective decreased by Citigroup from $33.00 to $32.00 in a research note published on Monday morning. Citigroup currently has a neutral rating on the stock.

Other analysts also recently issued reports about the stock. Sanford C. Bernstein dropped their target price on shares of APA from $37.00 to $30.00 and set a market perform rating on the stock in a report on Wednesday, July 17th. Piper Sandler cut their price objective on APA from $34.00 to $29.00 and set a neutral rating for the company in a research report on Thursday, August 15th. Royal Bank of Canada reissued a sector perform rating and set a $41.00 price objective on shares of APA in a research note on Thursday, September 5th. UBS Group cut their target price on APA from $38.00 to $35.00 and set a neutral rating on the stock in a research report on Tuesday, August 6th. Finally, Wolfe Research assumed coverage on APA in a research report on Thursday, July 18th. They issued an outperform rating and a $42.00 price target for the company. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $37.62.

APA Stock Performance

Shares of NASDAQ APA opened at $23.61 on Monday. APA has a 1 year low of $22.72 and a 1 year high of $44.37. The firm has a market cap of $8.73 billion, a P/E ratio of 2.64 and a beta of 3.24. The stock has a fifty day moving average price of $28.92 and a two-hundred day moving average price of $30.35. 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 (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. APA had a return on equity of 35.95% and a net margin of 32.66%. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the business posted $0.85 earnings per share. The company’s quarterly revenue was up 41.6% on a year-over-year basis. Research analysts forecast that APA will post 4.36 EPS for the current fiscal year.

Institutional Investors Weigh In On APA

A number of hedge funds and other institutional investors have recently made changes to their positions in APA. Sanctuary Advisors LLC bought a new position in shares of APA during the 2nd quarter valued at $308,000. Teachers Retirement System of The State of Kentucky raised its holdings in APA by 12.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 908,906 shares of the company’s stock valued at $26,758,000 after buying an additional 100,160 shares in the last quarter. Cetera Investment Advisers lifted its position 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 buying 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 about $318,000. Finally, Truist Financial Corp boosted its stake in shares of APA by 44.0% during the 2nd 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 in the last quarter. 83.01% of the stock is owned by hedge funds and other institutional investors.

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.