Invesco Reduces Stake in APA Corporation by 11.7% in Q2

Invesco Ltd. has decreased its holdings in APA Corporation (NASDAQ: APA) by 11.7% during the second quarter of the fiscal year. According to Holdings Channel, the fund sold 1,538,446 shares, leaving it with 11,626,054 shares valued at approximately $212.6 million at the end of the quarter.

Several other institutional investors have also adjusted their positions in APA recently. For instance, TD Private Client Wealth LLC raised its stake in APA by 144.9%, acquiring an additional 1,104 shares to reach a total of 1,866 shares, valued at $34,000. Similarly, CVA Family Office LLC significantly increased its holdings by 6,096.7%, now owning 1,859 shares worth $34,000 after purchasing an additional 1,829 shares.

MAI Capital Management also expanded its position by 76.5%, now holding 2,134 shares with a value of $39,000, while Whittier Trust Co. boosted its stake by 214.3%, totaling 2,200 shares valued at $40,000. Hantz Financial Services Inc. exhibited a remarkable increase of 1,731.8%, owning 2,363 shares now valued at $43,000. Overall, institutional investors own 83.01% of APA stock.

Analyst Ratings and Stock Performance

The stock has attracted attention from analysts, with several recent upgrades. Johnson Rice raised its rating from “hold” to “accumulate” and adjusted the price target from $35.00 to $40.00. Wolfe Research increased its price target from $35.00 to $37.00, assigning an “outperform” rating. Roth Capital raised its target from $22.00 to $23.00 while maintaining a “neutral” rating. Wells Fargo & Company increased its target from $20.00 to $21.00, also holding an “equal weight” rating.

As of the latest data from MarketBeat.com, APA Corporation has received six “Buy” ratings, sixteen “Hold” ratings, and three “Sell” ratings, resulting in an average rating of “Hold” and a consensus target price of $26.55.

On Monday, APA’s stock opened at $27.10. The company’s quick and current ratios stand at 0.78, while its debt-to-equity ratio is 0.62. APA’s market capitalization is approximately $9.61 billion, with a price-to-earnings ratio of 6.51 and a beta of 0.75. Over the past year, the stock has fluctuated between a low of $13.58 and a high of $27.72.

Recent Financial Results and Dividends

APA Corporation recently announced its quarterly earnings, reporting an earnings per share (EPS) of $0.93, surpassing the consensus estimate of $0.74 by $0.19. The company recorded revenues of $2.12 billion, exceeding analyst expectations of $2.06 billion. APA’s net margin was 15.49%, and the return on equity stood at 19.86%. Despite these positive results, quarterly revenue declined by 16.4% compared to the same quarter last year, when the company posted an EPS of $1.00.

Additionally, APA recently declared a quarterly dividend of $0.25 per share, which was paid on November 21, 2023. Shareholders on record as of October 22, 2023 received this dividend, representing an annualized dividend of $1.00 and a yield of 3.7%. The company’s dividend payout ratio is 24.04%.

APA Corporation operates as an independent energy company, focusing on the exploration, development, and production of natural gas, crude oil, and natural gas liquids. Its operations extend across the United States, Egypt, and the North Sea, with exploration activities in Suriname and interests in projects located in Uruguay and other international regions.