Verition Fund Management LLC Trims Position in Apache Co. (APA)
Verition Fund Management LLC cut its position in shares of Apache Co. (NYSE:APA) by 49.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,800 shares of the energy company’s stock after selling 5,686 shares during the quarter. Verition Fund Management LLC’s holdings in Apache were worth $223,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its holdings in Apache by 2.2% during the first quarter. Oppenheimer Asset Management Inc. now owns 59,165 shares of the energy company’s stock worth $2,277,000 after purchasing an additional 1,257 shares during the last quarter. Montgomery Investment Management Inc. increased its position in Apache by 1.4% during the first quarter. Montgomery Investment Management Inc. now owns 100,206 shares of the energy company’s stock worth $3,856,000 after buying an additional 1,390 shares in the last quarter. IFP Advisors Inc increased its position in Apache by 30.8% during the first quarter. IFP Advisors Inc now owns 6,107 shares of the energy company’s stock worth $235,000 after buying an additional 1,439 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Apache by 6.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 26,020 shares of the energy company’s stock worth $1,099,000 after buying an additional 1,594 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its position in Apache by 22.8% during the fourth quarter. Glenmede Trust Co. NA now owns 8,624 shares of the energy company’s stock worth $363,000 after buying an additional 1,600 shares in the last quarter. 98.21% of the stock is owned by hedge funds and other institutional investors.
In other Apache news, Director John E. Lowe acquired 2,500 shares of the stock in a transaction dated Tuesday, June 5th. The stock was acquired at an average price of $38.35 per share, with a total value of $95,875.00. Following the completion of the transaction, the director now directly owns 20,000 shares in the company, valued at $767,000. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.59% of the stock is owned by insiders.
Apache (NYSE:APA) last announced its quarterly earnings data on Wednesday, May 2nd. The energy company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.06. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.65 billion. Apache had a return on equity of 2.16% and a net margin of 19.67%. During the same quarter in the previous year, the business earned $0.08 earnings per share. research analysts anticipate that Apache Co. will post 1.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 22nd. Stockholders of record on Monday, July 23rd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend is Friday, July 20th. Apache’s dividend payout ratio is currently 416.67%.
Several equities analysts have weighed in on APA shares. UBS Group started coverage on Apache in a research report on Wednesday, March 7th. They set a “sell” rating and a $34.00 price target for the company. Royal Bank of Canada reissued a “hold” rating and set a $45.00 price target on shares of Apache in a research report on Monday, March 5th. Argus raised Apache from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.19 to $56.00 in a research report on Monday, June 11th. Stifel Nicolaus set a $48.00 price target on Apache and gave the stock a “hold” rating in a research report on Wednesday, March 28th. Finally, ValuEngine raised Apache from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 7th. Eight investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $42.81.
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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