Apache Co. (NYSE:APA) – Seaport Global Securities dropped their FY2017 earnings estimates for shares of Apache in a report released on Wednesday. Seaport Global Securities analyst M. Kelly now anticipates that the energy company will post earnings of $0.13 per share for the year, down from their previous estimate of $0.35. Seaport Global Securities also issued estimates for Apache’s Q4 2017 earnings at $0.22 EPS.
Several other brokerages have also recently weighed in on APA. Morgan Stanley raised their price objective on Apache from $45.00 to $46.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Scotiabank set a $49.00 price objective on Apache and gave the company a “hold” rating in a research note on Monday, November 13th. Bank of America raised their price objective on Apache from $41.00 to $42.00 and gave the company an “underperform” rating in a research note on Monday, November 6th. BMO Capital Markets set a $45.00 price objective on Apache and gave the company a “hold” rating in a research note on Tuesday, October 10th. Finally, JPMorgan Chase & Co. cut Apache from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $46.00 to $38.00 in a research note on Thursday, September 14th. Ten equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. Apache presently has a consensus rating of “Hold” and an average price target of $45.94.
Apache (NYSE:APA) last issued its quarterly earnings data on Thursday, November 2nd. The energy company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.09. Apache had a negative return on equity of 0.70% and a net margin of 10.60%. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period last year, the business earned ($0.03) EPS. The business’s revenue was down 3.5% on a year-over-year basis.
A number of institutional investors and hedge funds have recently made changes to their positions in APA. Earnest Partners LLC grew its holdings in Apache by 28.4% during the 2nd quarter. Earnest Partners LLC now owns 258,726 shares of the energy company’s stock valued at $12,401,000 after buying an additional 57,196 shares in the last quarter. Shelton Capital Management purchased a new position in Apache during the 2nd quarter valued at about $1,601,000. State Street Corp grew its holdings in Apache by 0.7% during the 2nd quarter. State Street Corp now owns 20,068,849 shares of the energy company’s stock valued at $961,903,000 after buying an additional 130,520 shares in the last quarter. Hoertkorn Richard Charles grew its holdings in Apache by 8.2% during the 3rd quarter. Hoertkorn Richard Charles now owns 60,510 shares of the energy company’s stock valued at $2,771,000 after buying an additional 4,585 shares in the last quarter. Finally, Butensky & Cohen Financial Security Inc. grew its holdings in Apache by 10.4% during the 3rd quarter. Butensky & Cohen Financial Security Inc. now owns 27,130 shares of the energy company’s stock valued at $1,243,000 after buying an additional 2,560 shares in the last quarter. 94.56% of the stock is owned by institutional investors.
In related news, insider P Anthony Lannie sold 19,514 shares of Apache stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $44.04, for a total value of $859,396.56. Following the completion of the sale, the insider now owns 37,469 shares of the company’s stock, valued at approximately $1,650,134.76. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John E. Lowe acquired 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was purchased at an average cost of $40.02 per share, with a total value of $120,060.00. Following the acquisition, the director now owns 15,000 shares in the company, valued at approximately $600,300. The disclosure for this purchase can be found here. Company insiders own 0.48% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 22nd. Investors of record on Monday, January 22nd will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Friday, January 19th. Apache’s dividend payout ratio (DPR) is currently 57.80%.
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Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil and natural gas liquids. The Company’s production segments include: the United States, Egypt and the United Kingdom North Sea. It also pursues exploration interests in Suriname.
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