Meritage Portfolio Management Lowers Stock Position in APA Co. (NASDAQ:APA)

Meritage Portfolio Management decreased its position in APA Co. (NASDAQ:APA) by 1.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 330,686 shares of the company’s stock after selling 5,951 shares during the period. Meritage Portfolio Management’s holdings in APA were worth $8,089,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in APA by 4.7% during the first quarter. Vanguard Group Inc. now owns 44,648,084 shares of the company’s stock worth $1,535,001,000 after acquiring an additional 2,004,555 shares during the period. Dimensional Fund Advisors LP lifted its stake in APA by 131.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,813,655 shares of the company’s stock valued at $141,704,000 after buying an additional 2,736,041 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in APA by 15.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,358,192 shares of the company’s stock worth $98,865,000 after buying an additional 455,312 shares during the last quarter. LSV Asset Management increased its stake in APA by 4.9% during the 2nd quarter. LSV Asset Management now owns 2,757,900 shares of the company’s stock worth $81,193,000 after buying an additional 129,841 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its holdings in shares of APA by 1.1% during the second quarter. Kornitzer Capital Management Inc. KS now owns 1,451,439 shares of the company’s stock valued at $42,730,000 after acquiring an additional 16,287 shares during the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.

APA Trading Down 0.7 %

APA stock traded down $0.16 during mid-day trading on Friday, hitting $21.77. 11,740,013 shares of the company were exchanged, compared to its average volume of 4,982,950. APA Co. has a 12-month low of $21.15 and a 12-month high of $38.27. The firm has a market capitalization of $8.05 billion, a P/E ratio of 3.07 and a beta of 3.24. The business has a fifty day simple moving average of $24.94 and a 200-day simple moving average of $28.02. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Tuesday, October 22nd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, October 22nd. This represents a $1.00 annualized dividend and a yield of 4.59%. APA’s dividend payout ratio (DPR) is presently 14.12%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Bernstein Bank lowered their price target on APA from $30.00 to $28.00 in a research note on Friday, October 18th. Barclays decreased their price objective on APA from $30.00 to $27.00 and set an “equal weight” rating on the stock in a report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $41.00 target price on shares of APA in a report on Tuesday, September 17th. Scotiabank decreased their price target on shares of APA from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 10th. Finally, Truist Financial lowered their price target on shares of APA from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $33.91.

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.