Municipal Employees Retirement System of Michigan Sells 2,400 Shares of Apache Co. (APA)
Municipal Employees Retirement System of Michigan reduced its position in shares of Apache Co. (NYSE:APA) by 19.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,840 shares of the energy company’s stock after selling 2,400 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Apache were worth $451,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in APA. Hanson McClain Inc. purchased a new position in shares of Apache during the second quarter valued at about $106,000. Gs Investments Inc. bought a new position in shares of Apache in the second quarter worth approximately $149,000. Bronfman E.L. Rothschild L.P. lifted its position in Apache by 410.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,635 shares of the energy company’s stock valued at $174,000 after purchasing an additional 2,923 shares during the period. Dupont Capital Management Corp bought a new position in Apache during the second quarter valued at approximately $200,000. Finally, North Star Asset Management Inc. bought a new position in Apache in the third quarter worth approximately $206,000. Hedge funds and other institutional investors own 94.55% of the company’s stock.
Apache Co. (NYSE:APA) opened at $40.57 on Thursday. The company has a current ratio of 1.53, a quick ratio of 1.37 and a debt-to-equity ratio of 0.95. Apache Co. has a 12 month low of $38.14 and a 12 month high of $69.00.
Apache (NYSE:APA) last posted its earnings results on Thursday, November 2nd. The energy company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.09. Apache had a net margin of 10.60% and a negative return on equity of 0.70%. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business posted ($0.03) EPS. The business’s revenue was down 3.5% compared to the same quarter last year. analysts forecast that Apache Co. will post 0.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Monday, October 23rd were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, October 20th. Apache’s dividend payout ratio is currently 57.47%.
Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Apache from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Jefferies Group set a $35.00 target price on shares of Apache and gave the company a “sell” rating in a research report on Tuesday, August 29th. Morgan Stanley raised their target price on shares of Apache from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. J P Morgan Chase & Co downgraded shares of Apache from a “neutral” rating to an “underweight” rating and cut their target price for the company from $46.00 to $38.00 in a research report on Thursday, September 14th. Finally, Barclays cut their target price on shares of Apache from $30.00 to $26.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 11th. Ten investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $48.06.
In other Apache news, insider P Anthony Lannie sold 19,514 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $44.04, for a total transaction of $859,396.56. Following the completion of the transaction, the insider now directly owns 37,469 shares in the company, valued at $1,650,134.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.
Apache Company Profile
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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