Apache (APA) Upgraded to Neutral by Macquarie

Apache (NYSE:APA) was upgraded by stock analysts at Macquarie from an “underperform” rating to a “neutral” rating in a report released on Friday, November 2nd, MarketBeat reports. The brokerage presently has a $37.00 price target on the energy company’s stock. Macquarie’s price objective points to a potential downside of 0.22% from the company’s previous close. The analysts noted that the move was a valuation call.

APA has been the topic of a number of other reports. Stephens set a $55.00 price target on shares of Apache and gave the stock a “buy” rating in a research note on Monday, September 24th. Mizuho reissued a “hold” rating and set a $47.00 price objective on shares of Apache in a research report on Monday, October 22nd. Stifel Nicolaus reissued a “hold” rating and set a $49.00 price objective on shares of Apache in a research report on Wednesday, October 24th. Morgan Stanley began coverage on Apache in a research report on Thursday, July 12th. They set an “underweight” rating and a $42.00 price objective for the company. Finally, Mitsubishi UFJ Financial Group boosted their price objective on Apache to $66.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 7th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $47.37.

APA traded up $1.06 on Friday, hitting $37.08. The company had a trading volume of 7,827,095 shares, compared to its average volume of 4,187,037. The firm has a market cap of $14.35 billion, a P/E ratio of 154.50, a price-to-earnings-growth ratio of 2.72 and a beta of 1.35. Apache has a 1 year low of $33.60 and a 1 year high of $50.03. The company has a current ratio of 1.26, a quick ratio of 1.10 and a debt-to-equity ratio of 0.90.

Apache (NYSE:APA) last issued its quarterly earnings results on Wednesday, October 31st. The energy company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.16. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.89 billion. Apache had a net margin of 12.11% and a return on equity of 7.71%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 earnings per share. Equities research analysts forecast that Apache will post 1.99 earnings per share for the current year.

In related news, insider Stephen J. Riney purchased 6,300 shares of the business’s stock in a transaction dated Monday, August 27th. The stock was acquired at an average price of $43.51 per share, for a total transaction of $274,113.00. Following the completion of the purchase, the insider now directly owns 42,184 shares of the company’s stock, valued at $1,835,425.84. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Dominic Ricotta sold 3,480 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $43.72, for a total value of $152,145.60. Following the sale, the vice president now owns 10,357 shares of the company’s stock, valued at approximately $452,808.04. The disclosure for this sale can be found here. 0.59% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Zions Bancorporation purchased a new position in Apache in the third quarter worth $103,000. Steward Partners Investment Advisory LLC raised its position in Apache by 575.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,221 shares of the energy company’s stock worth $104,000 after acquiring an additional 1,892 shares in the last quarter. Field & Main Bank acquired a new stake in Apache in the third quarter valued at $120,000. Dorsey & Whitney Trust CO LLC acquired a new stake in Apache in the third quarter valued at $205,000. Finally, Wesbanco Bank Inc. acquired a new stake in Apache in the second quarter valued at $207,000. Institutional investors and hedge funds own 96.62% of the company’s stock.

Apache Company Profile

Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids (NGLs). The company has operations in onshore assets located Permian and Midcontinent/Gulf Coast onshore regions; and offshore assets situated in the Gulf of Mexico region.

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