CIBC Asset Management Inc Cuts Stock Holdings in APA Co. (NASDAQ:APA)

CIBC Asset Management Inc decreased its stake in shares of APA Co. (NASDAQ:APA) by 16.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,848 shares of the company’s stock after selling 10,305 shares during the period. CIBC Asset Management Inc’s holdings in APA were worth $1,220,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC grew its position in APA by 12.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 30,471,834 shares of the company’s stock valued at $745,341,000 after buying an additional 3,411,270 shares during the period. Harris Associates L P grew its position in APA by 20.8% during the third quarter. Harris Associates L P now owns 24,914,700 shares of the company’s stock valued at $609,414,000 after buying an additional 4,293,932 shares during the period. Charles Schwab Investment Management Inc. grew its position in APA by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 11,991,513 shares of the company’s stock valued at $293,312,000 after buying an additional 485,291 shares during the period. Smead Capital Management Inc. grew its position in APA by 3.5% during the third quarter. Smead Capital Management Inc. now owns 9,667,452 shares of the company’s stock valued at $236,466,000 after buying an additional 326,042 shares during the period. Finally, Geode Capital Management LLC grew its position in APA by 2.5% during the third quarter. Geode Capital Management LLC now owns 9,307,186 shares of the company’s stock valued at $226,928,000 after buying an additional 224,547 shares during the period. Hedge funds and other institutional investors own 83.01% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on APA shares. Piper Sandler reduced their price target on shares of APA from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. UBS Group reduced their price target on shares of APA from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, December 9th. Barclays cut their target price on shares of APA from $30.00 to $27.00 and set an “equal weight” rating for the company in a research report on Friday, November 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $32.00 target price on shares of APA in a research report on Thursday, January 23rd. Finally, Mizuho cut their target price on shares of APA from $25.00 to $24.00 and set an “underperform” rating for the company in a research report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $30.65.

APA Trading Down 3.5 %

Shares of APA stock opened at $22.79 on Friday. The company’s 50-day moving average price is $22.92 and its 200-day moving average price is $24.24. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 3.22 and a beta of 3.15. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.03. APA Co. has a 12-month low of $20.32 and a 12-month high of $36.04.

APA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Tuesday, April 22nd will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Tuesday, April 22nd. APA’s dividend payout ratio is currently 14.12%.

Insider Activity at APA

In related news, Director Juliet S. Ellis bought 4,391 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were acquired at an average cost of $22.78 per share, with a total value of $100,026.98. Following the completion of the purchase, the director now directly owns 12,436 shares of the company’s stock, valued at $283,292.08. This trade represents a 54.58 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by insiders.

APA 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.