JPMorgan Chase & Co. Has Lowered Expectations for APA (NASDAQ:APA) Stock Price

APA (NASDAQ:APA) had its target price cut by equities researchers at JPMorgan Chase & Co. from $28.00 to $26.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 1.48% from the stock’s current price.

Several other brokerages also recently commented on APA. Scotiabank upped their price objective on shares of APA from $22.00 to $26.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Morgan Stanley boosted their price target on APA from $22.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, November 20th. Capital One Financial increased their price objective on APA from $31.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, November 19th. Wells Fargo & Company boosted their target price on APA from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, August 15th. Finally, Piper Sandler raised their price target on APA from $22.00 to $23.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 18th. Six analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, APA currently has a consensus rating of “Hold” and a consensus target price of $26.45.

APA Price Performance

Shares of APA stock opened at $26.39 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.78 and a quick ratio of 0.78. APA has a one year low of $13.58 and a one year high of $27.72. The business’s 50 day simple moving average is $24.04 and its two-hundred day simple moving average is $21.70. The stock has a market capitalization of $9.36 billion, a P/E ratio of 6.34, a price-to-earnings-growth ratio of 7.00 and a beta of 0.75.

APA (NASDAQ:APA) last issued its earnings results on Wednesday, November 5th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.19. APA had a net margin of 15.49% and a return on equity of 19.86%. The firm had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the business earned $1.00 earnings per share. The business’s revenue was down 16.4% on a year-over-year basis. Analysts forecast that APA will post 4.03 EPS for the current year.

Institutional Investors Weigh In On APA

Hedge funds and other institutional investors have recently bought and sold shares of the business. Deseret Mutual Benefit Administrators lifted its holdings in shares of APA by 276.7% during the third quarter. Deseret Mutual Benefit Administrators now owns 1,213 shares of the company’s stock valued at $29,000 after purchasing an additional 891 shares during the last quarter. TD Private Client Wealth LLC increased its position in APA by 144.9% during the 2nd quarter. TD Private Client Wealth LLC now owns 1,866 shares of the company’s stock valued at $34,000 after buying an additional 1,104 shares in the last quarter. CVA Family Office LLC raised its stake in APA by 6,096.7% during the second quarter. CVA Family Office LLC now owns 1,859 shares of the company’s stock valued at $34,000 after buying an additional 1,829 shares during the last quarter. Atlantic Union Bankshares Corp bought a new stake in APA in the third quarter worth $34,000. Finally, Spire Wealth Management grew its stake in shares of APA by 179.6% in the third quarter. Spire Wealth Management now owns 1,521 shares of the company’s stock worth $37,000 after acquiring an additional 977 shares during the last quarter. Hedge funds and other institutional investors own 83.01% of the company’s stock.

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.