Apache Corporation (APA) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS
Apache Corporation (NYSE:APA) released its quarterly earnings data on Thursday. The energy company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.09, Bloomberg Earnings reports. Apache Corporation had a negative return on equity of 1.03% and a negative net margin of 0.07%. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the business posted ($0.03) EPS. Apache Corporation’s quarterly revenue was down 3.5% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Monday, October 23rd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Friday, October 20th. Apache Corporation’s payout ratio is currently -4,997.50%.
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In other Apache Corporation news, Director John E. Lowe acquired 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was purchased at an average cost of $44.90 per share, for a total transaction of $112,250.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $449,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Lowe acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average price of $40.32 per share, with a total value of $80,640.00. Following the completion of the acquisition, the director now directly owns 12,000 shares of the company’s stock, valued at approximately $483,840. The disclosure for this purchase can be found here. Insiders bought 5,500 shares of company stock worth $235,094 over the last ninety days. 0.48% of the stock is currently owned by company insiders.
Several equities analysts have weighed in on the company. Wolfe Research downgraded Apache Corporation from a “market perform” rating to an “underperform” rating in a research report on Monday, July 17th. Wells Fargo & Company reissued a “market perform” rating and set a $48.00 price target (down previously from $55.00) on shares of Apache Corporation in a research report on Saturday, July 22nd. Citigroup Inc. dropped their price target on Apache Corporation from $58.00 to $50.00 and set a “neutral” rating for the company in a research report on Friday, July 21st. Scotiabank set a $52.00 price target on Apache Corporation and gave the stock a “hold” rating in a research report on Friday, August 11th. Finally, Zacks Investment Research downgraded Apache Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Nine research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $48.88.
Apache Corporation Company Profile
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. The Company’s production segments include: the United States, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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