Apache Co. (NYSE:APA) – Equities researchers at Jefferies Financial Group lowered their Q3 2018 EPS estimates for Apache in a report issued on Monday, October 15th. Jefferies Financial Group analyst M. Lear now expects that the energy company will post earnings of $0.44 per share for the quarter, down from their prior estimate of $0.53. Jefferies Financial Group also issued estimates for Apache’s Q4 2018 earnings at $0.75 EPS and FY2018 earnings at $2.00 EPS.
A number of other analysts also recently weighed in on APA. Morgan Stanley set a $43.00 price objective on Apache and gave the company a “sell” rating in a report on Friday, October 12th. Cowen set a $48.00 price objective on Apache and gave the company a “hold” rating in a report on Thursday, July 19th. Zacks Investment Research downgraded Apache from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Piper Jaffray Companies downgraded Apache from an “overweight” rating to a “neutral” rating in a report on Thursday, September 27th. Finally, TheStreet downgraded Apache from a “b-” rating to a “c” rating in a report on Thursday, September 13th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $46.61.
Apache (NYSE:APA) last announced its quarterly earnings results on Wednesday, August 1st. The energy company reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.11. Apache had a return on equity of 5.21% and a net margin of 12.57%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.76 billion.
A number of hedge funds and other institutional investors have recently made changes to their positions in APA. Steward Partners Investment Advisory LLC lifted its position in Apache by 575.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,221 shares of the energy company’s stock valued at $104,000 after acquiring an additional 1,892 shares in the last quarter. Wesbanco Bank Inc. bought a new position in shares of Apache during the 2nd quarter worth approximately $207,000. Mutual Advisors LLC bought a new position in shares of Apache during the 2nd quarter worth approximately $208,000. Piedmont Investment Advisors LLC bought a new position in shares of Apache during the 2nd quarter worth approximately $209,000. Finally, Baldwin Investment Management LLC bought a new position in shares of Apache during the 2nd quarter worth approximately $211,000. 96.74% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Dominic Ricotta sold 3,480 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $43.72, for a total value of $152,145.60. Following the completion of the sale, the vice president now directly owns 10,357 shares in the company, valued at approximately $452,808.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stephen J. Riney bought 6,300 shares of Apache stock in a transaction dated Monday, August 27th. The stock was purchased at an average price of $43.51 per share, with a total value of $274,113.00. Following the completion of the purchase, the insider now owns 42,184 shares in the company, valued at $1,835,425.84. The disclosure for this purchase can be found here. Company insiders own 0.59% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Monday, October 22nd will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, October 19th. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. Apache’s payout ratio is currently 416.67%.
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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