APA Co. (NASDAQ:APA) Sees Large Drop in Short Interest

APA Co. (NASDAQ:APA) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 16,030,000 shares, a drop of 15.5% from the October 15th total of 18,970,000 shares. Based on an average daily volume of 6,050,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 4.4% of the company’s shares are short sold.

Hedge Funds Weigh In On APA

Several hedge funds have recently modified their holdings of the company. Sunpointe LLC grew its position in shares of APA by 2.8% during the 2nd quarter. Sunpointe LLC now owns 13,297 shares of the company’s stock valued at $391,000 after acquiring an additional 362 shares during the period. GAMMA Investing LLC lifted its position in shares of APA by 12.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,558 shares of the company’s stock valued at $105,000 after buying an additional 380 shares during the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of APA by 6.7% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 6,860 shares of the company’s stock worth $202,000 after acquiring an additional 429 shares during the period. Covestor Ltd increased its holdings in APA by 75.4% in the 1st quarter. Covestor Ltd now owns 1,093 shares of the company’s stock worth $38,000 after acquiring an additional 470 shares during the last quarter. Finally, Signaturefd LLC raised its stake in APA by 7.1% in the 2nd quarter. Signaturefd LLC now owns 7,108 shares of the company’s stock valued at $209,000 after acquiring an additional 472 shares during the period. Institutional investors own 83.01% of the company’s stock.

Analyst Ratings Changes

APA has been the topic of several research reports. Evercore ISI reduced their price target on APA from $39.00 to $33.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. JPMorgan Chase & Co. reduced their target price on shares of APA from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday. Royal Bank of Canada dropped their price target on shares of APA from $34.00 to $32.00 and set a “sector perform” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company reduced their price objective on shares of APA from $49.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Truist Financial reduced their price target on APA from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.95.

APA Trading Down 1.0 %

NASDAQ APA opened at $22.38 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $8.28 billion, a P/E ratio of 3.16 and a beta of 3.24. The business has a fifty day simple moving average of $24.51 and a 200 day simple moving average of $27.67. APA has a 12 month low of $21.15 and a 12 month high of $37.82.

APA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, October 22nd will be paid a $0.25 dividend. The ex-dividend date is Tuesday, October 22nd. This represents a $1.00 annualized dividend and a yield of 4.47%. APA’s dividend payout ratio (DPR) is 14.12%.

APA Company Profile

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.