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APA (APA) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest trading session, APA (APA - Free Report) closed at $32.06, marking a -0.64% move from the previous day. This change lagged the S&P 500's 1.2% gain on the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.59%.
Shares of the oil and natural gas producer witnessed a loss of 6.13% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 3.58% and the S&P 500's loss of 4.16%.
Market participants will be closely following the financial results of APA in its upcoming release. The company plans to announce its earnings on May 1, 2024. On that day, APA is projected to report earnings of $0.94 per share, which would represent a year-over-year decline of 21.01%. In the meantime, our current consensus estimate forecasts the revenue to be $1.89 billion, indicating a 5.72% decline compared to the corresponding quarter of the prior year.
APA's full-year Zacks Consensus Estimates are calling for earnings of $4.87 per share and revenue of $9.11 billion. These results would represent year-over-year changes of +7.51% and +11.56%, respectively.
Any recent changes to analyst estimates for APA should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 16.89% higher. APA presently features a Zacks Rank of #3 (Hold).
Investors should also note APA's current valuation metrics, including its Forward P/E ratio of 6.66. This expresses a discount compared to the average Forward P/E of 10.69 of its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 191, placing it within the bottom 25% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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APA (APA) Stock Drops Despite Market Gains: Important Facts to Note
In the latest trading session, APA (APA - Free Report) closed at $32.06, marking a -0.64% move from the previous day. This change lagged the S&P 500's 1.2% gain on the day. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 1.59%.
Shares of the oil and natural gas producer witnessed a loss of 6.13% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 3.58% and the S&P 500's loss of 4.16%.
Market participants will be closely following the financial results of APA in its upcoming release. The company plans to announce its earnings on May 1, 2024. On that day, APA is projected to report earnings of $0.94 per share, which would represent a year-over-year decline of 21.01%. In the meantime, our current consensus estimate forecasts the revenue to be $1.89 billion, indicating a 5.72% decline compared to the corresponding quarter of the prior year.
APA's full-year Zacks Consensus Estimates are calling for earnings of $4.87 per share and revenue of $9.11 billion. These results would represent year-over-year changes of +7.51% and +11.56%, respectively.
Any recent changes to analyst estimates for APA should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 16.89% higher. APA presently features a Zacks Rank of #3 (Hold).
Investors should also note APA's current valuation metrics, including its Forward P/E ratio of 6.66. This expresses a discount compared to the average Forward P/E of 10.69 of its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 191, placing it within the bottom 25% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.