Kinetik (NASDAQ:KNTK) Price Target Raised to $60.00

Kinetik (NASDAQ:KNTK) had its price target lifted by Wells Fargo & Company from $58.00 to $60.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also recently issued reports on KNTK. Royal Bank of Canada increased their price objective on Kinetik from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Citigroup increased their price target on Kinetik from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Mizuho lifted their price objective on Kinetik from $47.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Barclays increased their target price on shares of Kinetik from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $53.00.

Kinetik Trading Up 5.8 %

Shares of KNTK opened at $57.76 on Wednesday. The firm has a fifty day moving average price of $54.73 and a 200-day moving average price of $47.09. The firm has a market capitalization of $9.10 billion, a P/E ratio of 21.31, a P/E/G ratio of 2.83 and a beta of 2.95. Kinetik has a 12-month low of $31.73 and a 12-month high of $62.55.

Kinetik (NASDAQ:KNTK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.10). The company had revenue of $396.40 million during the quarter, compared to analysts’ expectations of $331.21 million. Kinetik had a net margin of 30.25% and a negative return on equity of 39.48%. Kinetik’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share. Analysts predict that Kinetik will post 1.35 earnings per share for the current year.

Kinetik Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were issued a $0.78 dividend. This is a boost from Kinetik’s previous quarterly dividend of $0.75. This represents a $3.12 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date was Monday, October 28th. Kinetik’s dividend payout ratio (DPR) is currently 115.13%.

Institutional Investors Weigh In On Kinetik

Several institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Kinetik by 14.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,867 shares of the company’s stock valued at $356,000 after purchasing an additional 983 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Kinetik in the third quarter valued at about $46,000. SL Advisors LLC boosted its holdings in Kinetik by 5.0% in the third quarter. SL Advisors LLC now owns 21,927 shares of the company’s stock worth $992,000 after acquiring an additional 1,037 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Kinetik by 19.6% in the second quarter. Van ECK Associates Corp now owns 14,143 shares of the company’s stock worth $586,000 after acquiring an additional 2,318 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Kinetik by 71.9% during the third quarter. SG Americas Securities LLC now owns 5,678 shares of the company’s stock worth $257,000 after acquiring an additional 2,375 shares during the last quarter. 21.11% of the stock is currently 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.