Kinetik (NASDAQ:KNTK) Price Target Raised to $42.00

Kinetik (NASDAQ:KNTK) had its price target hoisted by Mizuho from $39.00 to $42.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also issued reports on KNTK. Royal Bank of Canada began coverage on Kinetik in a report on Monday, March 25th. They set an outperform rating and a $40.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Kinetik from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Wednesday, April 17th. Finally, Barclays assumed coverage on shares of Kinetik in a research report on Monday. They set an equal weight rating and a $40.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $40.00.

Kinetik Trading Up 0.0 %

Shares of NASDAQ:KNTK opened at $39.20 on Tuesday. Kinetik has a 1 year low of $26.32 and a 1 year high of $40.42. The business has a fifty day simple moving average of $37.03 and a 200 day simple moving average of $35.27. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 2.39 and a beta of 2.80.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $1.24. Kinetik had a negative return on equity of 49.32% and a net margin of 28.57%. The business had revenue of $348.87 million during the quarter, compared to analyst estimates of $301.49 million. During the same period last year, the company earned $0.25 earnings per share. Kinetik’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, sell-side analysts forecast that Kinetik will post 2 EPS for the current year.

Kinetik Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Monday, April 29th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.65%. The ex-dividend date of this dividend is Friday, April 26th. Kinetik’s dividend payout ratio is currently 132.74%.

Insider Activity

In other news, insider Anne Psencik sold 3,182 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total value of $113,183.74. Following the sale, the insider now directly owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Anne Psencik sold 3,182 shares of Kinetik stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $35.57, for a total transaction of $113,183.74. Following the sale, the insider now directly owns 247,128 shares of the company’s stock, valued at $8,790,342.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Corp Apache sold 13,079,871 shares of Kinetik stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $33.75, for a total value of $441,445,646.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,095,803 shares of company stock valued at $442,051,135. 3.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its position in Kinetik by 1.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 63,335 shares of the company’s stock worth $2,525,000 after buying an additional 1,000 shares in the last quarter. Ronald Blue Trust Inc. bought a new position in Kinetik during the third quarter worth about $37,000. Deutsche Bank AG lifted its stake in Kinetik by 5.4% during the third quarter. Deutsche Bank AG now owns 22,401 shares of the company’s stock worth $756,000 after purchasing an additional 1,149 shares during the period. Pacer Advisors Inc. lifted its stake in Kinetik by 5.6% during the fourth quarter. Pacer Advisors Inc. now owns 23,689 shares of the company’s stock worth $791,000 after purchasing an additional 1,260 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Kinetik by 19.1% during the fourth quarter. SG Americas Securities LLC now owns 8,638 shares of the company’s stock worth $289,000 after purchasing an additional 1,383 shares during the period. 21.11% of the stock is owned by institutional investors and hedge funds.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.