Analysts Just Increased Price Targets of These 5 Stocks

3. APA Corporation (NASDAQ:APA)

Number of Hedge Fund Holders: 37  

APA Corporation (NASDAQ:APA) is one of the energy firms that are poised to benefit from the gains that crude oil has made at the market in recent weeks. The company is ranked third on our list of 10 stocks that analysts just increased price targets of. Earlier this month, crude topped $80 per barrel for the first time in seven years, with further hikes likely on the back of an OPEC+ agreement to gradually raise output through winter season.

APA Corporation (NASDAQ:APA) stock was given an Overweight rating and the price target was raised to $27 from $25 by KeyCorp on October 14. Truist had also raised the target on the stock to $25 from $21 with a Hold rating last week.  

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Harris Associates is a leading shareholder in APA Corporation (NASDAQ:APA) with 20 million shares worth more than $449 million. 

In its Q2 2021 investor letter, Ariel Investments, an asset management firm, highlighted a few stocks and APA Corporation (NASDAQ:APA) was one of them. Here is what the fund said: 

“APA Corp. (APA), (formerly Apache Corp.) increased +21.01%, benefitting from strong oil and natural gas markets. Crude oil is up +47% this year. We have lamented about surprisingly low natural gas prices in past letters and are pleased to see them moving higher this year.

Natural gas produces significantly less carbon emissions than either coal or crude oil. Equity investors have been badly burned by underperforming energy companies over the past decade. As a result, we believe they are still underestimating APA’s earning power. We have recently added to our holding.”