Fintel reports that on July 24, 2023, Truist Securities maintained coverage of APA (NASDAQ:APA) with a Buy recommendation.
Analyst Price Forecast Suggests 20.90% Upside
As of July 6, 2023, the average one-year price target for APA is 47.49. The forecasts range from a low of 33.33 to a high of $72.45. The average price target represents an increase of 20.90% from its latest reported closing price of 39.28.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for APA is 9,769MM, a decrease of 4.43%. The projected annual non-GAAP EPS is 9.61.
APA Declares $0.25 Dividend
On May 23, 2023 the company declared a regular quarterly dividend of $0.25 per share ($1.00 annualized). Shareholders of record as of July 21, 2023 will receive the payment on August 22, 2023. Previously, the company paid $0.25 per share.
At the current share price of $39.28 / share, the stock's dividend yield is 2.55%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.97%, the lowest has been 0.36%, and the highest has been 5.12%. The standard deviation of yields is 1.24 (n=234).
The current dividend yield is 0.46 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.15. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 9.00%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1390 funds or institutions reporting positions in APA. This is a decrease of 54 owner(s) or 3.74% in the last quarter. Average portfolio weight of all funds dedicated to APA is 0.25%, a decrease of 13.77%. Total shares owned by institutions increased in the last three months by 1.62% to 294,647K shares. 
The put/call ratio of APA is 0.79, indicating a bullish outlook.
What are Other Shareholders Doing?
Hotchkis & Wiley Capital Management holds 17,088K shares representing 5.52% ownership of the company. In it's prior filing, the firm reported owning 11,072K shares, representing an increase of 35.20%. The firm increased its portfolio allocation in APA by 19.77% over the last quarter.
Invesco holds 12,209K shares representing 3.95% ownership of the company. In it's prior filing, the firm reported owning 14,154K shares, representing a decrease of 15.93%. The firm decreased its portfolio allocation in APA by 36.54% over the last quarter.
Harris Associates L P holds 10,904K shares representing 3.52% ownership of the company. In it's prior filing, the firm reported owning 10,126K shares, representing an increase of 7.13%. The firm decreased its portfolio allocation in APA by 20.70% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 9,616K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 9,771K shares, representing a decrease of 1.61%. The firm decreased its portfolio allocation in APA by 29.80% over the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 9,240K shares representing 2.99% ownership of the company. In it's prior filing, the firm reported owning 9,307K shares, representing a decrease of 0.72%. The firm decreased its portfolio allocation in APA by 17.53% over the last quarter.
APA Background Information
(This description is provided by the company.)
APA Corporation, through its consolidated subsidiaries, explores for and produces oil and gas with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname.
Additional reading:
- Report of Ryder Scott Company, L.P., Petroleum Consultants.
- Guaranty [USD Facility], dated as of April 29, 2022, made by Apache Corporation in favor of each of the lenders, issuing banks, and agents party to the Credit Agreement, dated as of April 29, 2022, among APA Corporation, the lenders party thereto, the issuing banks party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents party thereto.
- Credit Agreement [USD Facility], dated as of April 29, 2022, among APA Corporation, the lenders party thereto, the issuing banks party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, Royal Bank of Canada, HSBC Bank USA, National Association, MUFG Bank, Ltd., Wells Fargo Bank, National Association, Goldman Sachs Bank USA, The Toronto-Dominion Bank, New York Branch, The Bank of Nova Scotia, Houston Branch, Truist Bank, and Mizuho Bank, Ltd., as Co-Documentation Agents.
- Guaranty [GBP Facility], dated as of April 29, 2022, made by Apache Corporation in favor of each of the lenders, issuing banks, and agents party to the Credit Agreement, dated as of April 29, 2022, among APA Corporation, the lenders party thereto, the issuing banks party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents party thereto.
- Credit Agreement [GBP Facility], dated as of April 29, 2022, among APA Corporation, the lenders party thereto, the issuing banks party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, The Toronto-Dominion Bank, London Branch, as Syndication Agent, Bank of America, N.A., Royal Bank of Canada, HSBC Bank USA, National Association, MUFG Bank, Ltd., Wells Fargo Bank, N.A. London Branch, Goldman Sachs Bank USA, The Bank of Nova Scotia, Houston Branch, Truist Bank, and Mizuho Bank, Ltd., as Co-Documentation Agents.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
