HOUSTON - APA Corporation (NASDAQ:APA), an energy company engaged in the exploration and production of oil and natural gas, has announced a regular cash dividend for its shareholders. The declared dividend is set at 25 cents per share and will be payable on November 22, 2024, to shareholders who are on record as of October 22, 2024.
This financial move by APA Corporation comes as part of its routine capital distribution strategy. The company, which operates through consolidated subsidiaries in the United States, Egypt, the United Kingdom, and offshore Suriname, is known for its focus on the exploration and production sector within the energy industry.
The announcement was made public through a press release issued by APA Corporation, which also noted the availability of further operational updates and investor information on its official website.
Investors and shareholders of APA Corporation can anticipate the upcoming dividend, marking a continued commitment by the company to share its financial success with its stockholders. The company's decision to release dividends is a customary practice that reflects its financial health and management's confidence in its ability to generate sufficient cash flow.
While the announcement of dividends is a regular aspect of APA Corporation's financial calendar, it is also a signal to the market of the company's stability and its ability to maintain a steady stream of income for its investors.
The information regarding the dividend declaration is based on a press release statement from APA Corporation.
In other recent news, Apache Corp (NASDAQ:APA) has been making significant strategic moves. The company recently sold non-core assets in the Permian Basin for $950 million, a move that analysts from TD Cowen, Truist Securities, and Scotiabank view positively. This sale is expected to reduce Apache's debt and streamline operations, allowing the company to focus on its most profitable projects.
Truist Securities maintained its Buy rating for Apache Corp, despite a revised price target of $45. Meanwhile, TD Cowen maintained its Hold rating with a price target of $36.00, and Scotiabank reaffirmed its Sector Perform rating with a steady price target of $30.00.
In addition to the asset sale, Apache Corp has been strategically curtailing the production of gas and gas liquids due to unfavorable pricing, while also repurchasing 1.5 million shares within the quarter as part of its ongoing efforts to manage its share count and return value to shareholders.
These recent developments highlight Apache Corp's commitment to improving its financial health and focusing on its most competitive projects. The company's strategic decisions are guided by a commitment to financial discipline and creating value for its shareholders.
InvestingPro Insights
APA Corporation (NASDAQ:APA) shareholders have recently been notified of the upcoming dividend, reinforcing the company's reputation for consistent capital returns. In the context of this announcement, it's valuable to look at the company's financial metrics and market performance as provided by InvestingPro. The company's market capitalization stands at approximately $9.04 billion, reflecting its significant presence in the energy sector. Additionally, APA's P/E ratio is notably low at 2.69, with a slight adjustment to 2.91 over the last twelve months as of Q2 2024, suggesting that the stock may be undervalued relative to its earnings.
InvestingPro Tips highlight that APA Corporation has maintained dividend payments for an impressive 54 consecutive years, which is a testament to its financial resilience and commitment to shareholders. The stock is currently trading near its 52-week low, which could potentially offer an attractive entry point for investors considering the company's historical profitability and the analysts' prediction that APA will remain profitable this year.
Despite recent price volatility and a downward trend over the last month, as indicated by a one-month price total return of -18.15%, APA Corporation's long-standing practice of dividend payments and its ability to sustain profitability could be seen as reassuring factors for long-term investors. The company's dividend yield as of the last recorded date stands at a compelling 4.18%, which is relatively high and could be appealing to income-focused investors.
For those interested in deeper analysis, InvestingPro offers additional insights and tips that could help investors make more informed decisions about APA Corporation. There are currently 14 analysts who have revised their earnings estimates downwards for the upcoming period, which might be a consideration for those evaluating the company's near-term prospects. To explore further, investors can access more InvestingPro Tips at https://www.investing.com/pro/APA, which includes a comprehensive list of metrics and forecasts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.