APA Co. (NASDAQ:APA – Free Report) recently received a positive earnings forecast from Capital One Financial. Analyst B. Velie raised the Q3 2024 earnings per share (EPS) estimate from $0.70 to $0.95. The full-year earnings estimate is now $3.97 EPS. Capital One also projected Q4 2024 earnings of $0.80 EPS and FY2024 earnings of $3.71 EPS, with predictions extending to 2026.
In its last quarterly report on July 31st, APA reported an EPS of $1.17, exceeding the expected $0.95. Revenue reached $2.54 billion, surpassing analyst predictions of $2.28 billion, marking a 41.6% increase year-over-year.
Recent analyst reports show varied opinions on APA’s stock. UBS lowered its price target from $35 to $29, while Royal Bank of Canada set a target of $41. Mizuho revised their target down to $28 and Wells Fargo adjusted it to $47. Currently, analysts rate APA as a “Hold,” with an average target price of $34.86.
Stock Performance
APA shares opened at $24.92, showing a market cap of $9.25 billion and a P/E ratio of 2.79. The stock has a one-year range of $22.72 to $43.58.
Institutional Holdings
Various hedge funds have increased their stakes in APA. Vanguard Group now owns 44.6 million shares, Dimensional Fund Advisors boosted its shares by 131.7%, and Bank of New York Mellon raised its stake by 15.7%. Institutional investors hold 83.01% of the stock.
Dividend Announcement
APA declared a quarterly dividend of $0.25, payable on November 22nd to shareholders on record by October 22nd, resulting in an annual yield of 4.01%.
Company Overview
APA Corporation engages in the exploration and production of oil and gas, with operations in the U.S., Egypt, and the North Sea, as well as ongoing projects in Suriname and Uruguay.
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